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.

A number of large investors have recently added to or reduced their stakes in NVO. BlackRock Inc. lifted its position in Novo Nordisk by 342.2% in the 4th quarter. BlackRock Inc. now owns 9,423,284 shares of the company’s stock worth $505,747,000 after buying an additional 7,292,400 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Novo Nordisk by 341.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,552,244 shares of the company’s stock worth $136,979,000 after buying an additional 1,974,129 shares during the last quarter. Renaissance Technologies LLC lifted its position in Novo Nordisk by 9.5% in the 4th quarter. Renaissance Technologies LLC now owns 15,731,200 shares of the company’s stock worth $844,294,000 after buying an additional 1,369,900 shares during the last quarter. Loomis Sayles & Co. L P lifted its position in Novo Nordisk by 6.4% in the 1st quarter. Loomis Sayles & Co. L P now owns 22,025,113 shares of the company’s stock worth $1,084,737,000 after buying an additional 1,323,857 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its position in Novo Nordisk by 4.8% in the 4th quarter. Fisher Asset Management LLC now owns 12,705,477 shares of the company’s stock worth $681,903,000 after buying an additional 580,753 shares during the last quarter. Institutional investors own 6.64% of the company’s stock.

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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