Why Novo Nordisk Stock Topped the Market Today

Novo Nordisk (NYSE: NVO) is quite the divisive stock among both investors and analysts these days. Although its high-profile obesity drug Wegovy has been a raging success, the company is being rocked by competition from both a rival and numerous third-party drug compounders.On Wednesday, however, one analyst became notably more bullish on the Danish pharmaceutical company, and investors took this to heart. Collectively they pushed the company's share price up by more than 2% today, handily beating the 0.3% increase of the bellwether S&P 500 index. Well before market open today, BNP Paribas Exane's Peter Verdult upgraded his recommendation on Novo Nordisk. This doesn't make him a bull on the stock, however, as he only moved it up from underperform (sell) to neutral. As he did so, he also lifted his price target from $54 per share to $61. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool