Novo Nordisk (NVO) Short Interest Up 53.4% in April
Novo Nordisk (NYSE:NVO) saw a large growth in short interest during the month of April. As of April 30th, there was short interest totalling 2,147,542 shares, a growth of 53.4% from the April 13th total of 1,399,529 shares. Based on an average daily trading volume, of 1,608,993 shares, the days-to-cover ratio is presently 1.3 days.
NYSE:NVO opened at $48.86 on Thursday. The company has a market capitalization of $122.13 billion, a P/E ratio of 20.88, a PEG ratio of 2.57 and a beta of 0.66. Novo Nordisk has a 1-year low of $48.52 and a 1-year high of $48.90.
Novo Nordisk announced that its board has authorized a share buyback program on Thursday, February 1st that permits the company to repurchase shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Separately, Zacks Investment Research downgraded Novo Nordisk from a “hold” rating to a “sell” rating in a research report on Thursday, April 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $64.00.
Novo Nordisk Company Profile
Novo Nordisk A/S, a healthcare company, engages in the discovery, development, manufacture, and marketing of pharmaceutical products worldwide. It operates in two segments, Diabetes Care and Obesity, and Biopharmaceuticals. The Diabetes Care and Obesity segment provides insulins, GLP-1 and related delivery systems, and oral anti-diabetic drugs and obesity.
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