NVO - Why Novo Nordisk Stock Flopped on Friday
2023-11-03 17:14:53 ET
A post-earnings price target raise on Novo Nordisk (NYSE: NVO) from an analyst couldn't overcome the drag of a executive's stock sale on Friday. Ultimately, investors ended up trading out of the Danish pharmaceutical company, sending its share price down by nearly 3% on the day. Meanwhile, the S&P 500 index went in the opposite direction, rising by nearly 1%.
It was a mildly good news/bad news kind of day for Novo Nordisk stock.
The good was that price target lift, modest as it was, which was enacted by Jefferies (NYSE: JEF) prognosticator Peter Welford. Before the market opened, Welford reset his target on the pharmaceutical company to 430 Danish kroner ($61.16) per share, up from the previous 425 kroner ($60.45). Even the new price is well below where the stock trades now. He maintained his underperform (read: sell) recommendation on the stock.
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Why Novo Nordisk Stock Flopped on Friday