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Upgrade Alert for Novo Nordisk (NVO)

By Nick Russo

Novo Nordisk (NYSE:NVO) was upgraded from Reduce to Hold at HSBC today. The stock closed yesterday at $46.72 on volume of 1.3 million shares, above average daily volume of 1.0 million.

Novo Nordisk (NYSE:NVO) has potential upside of 52.2% based on a current price of $46.72 and analysts' consensus price target of $71.10. Novo Nordisk shares should first meet resistance at the 200-day moving average (MA) of $55.18 and find additional resistance at the 50-day MA of $55.23.

In the past 52 weeks, Novo Nordisk share prices have been bracketed by a low of $45.80 and a high of $60.34 and closed yesterday at $46.72, 2% above that low price. The 200-day and 50-day moving averages have moved 0.15% lower and 0.45% higher over the past week, respectively.

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

SmarTrend recommended that its subscribers protect gains by selling shares of Novo Nordisk on August 5th, 2016 by issuing a Downtrend alert when the shares were trading at $49.59. Since that call, shares of Novo Nordisk have fallen 5.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades novo nordisk

Ticker(s): NVO