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novo nordisk‘s (NYSE:NVO) Its status as a hot healthcare stock was boosted by analysts as it neared the end of the trading week. The Danish pharmaceutical company’s stock ended the day up almost 4% after a significant price target hike.That was more than enough to outperform the leader. S&P500 The index rose a relatively modest 0.8%.
Analysts raised price targets by double-digit percentages
The analyst who gave Novo Nordisk a nice shot said: morgan stanleyMark Purcell. Well before the market opened that day, Purcell raised his price target for the company’s stock by 16% to 930 Danish kroner ($135) from the previous 800 kroner ($116). Like many other prophets, he is a Novo his Nordisk bull. He maintained his firm Overweight (Buy) recommendation on the stock while increasing his price target.
It’s not hard to be optimistic about Novo Nordisk these days. The European drug company has an absolute blockbuster product in its obesity drug, Wegovy, which has found a very receptive patient base in the United States (where there is a high proportion of the population who are overweight). .
The recent weight loss is a major achievement for Novo Nordisk. This is clearly demonstrated by the company’s full-year 2023 results, which showed strong sales growth of 36%. Of the company’s four therapeutic areas, obesity care has received the most attention, with revenue increasing 154% compared to 2022.
The competition is about to begin,
The pharmaceutical industry is full of solid, well-capitalized companies, and some have already come to Novo Nordisk for lunch. Eli LillyMunjaro, a diabetes drug, has won U.S. Food and Drug Administration (FDA) approval as an obesity treatment and is now on the market under the jazzy brand name Zepbound. meanwhile, Viking Therapeutics reported very promising results from a phase 2 clinical trial of a proprietary weight loss drug candidate.
So while Novo Nordisk remains the pacesetter in this game, investors should keep an eye on other entrants.
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Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Nordisk. The Motley Fool has a disclosure policy.
Why Novo Nordisk Stock Tops the Market Today was originally published by The Motley Fool
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