Why Novo Nordisk Stock Outpaced the Market on Tuesday
Novo Nordisk (NYSE: NVO), the Danish company best known as the maker of weight loss drug Wegovy, expanded a little on the stock exchange Tuesday. The company was one of the rare enterprises seeing an increase in price on what was generally a down day for the market; it closed 1% higher, against the 1.1% decline of the bellwether S&P 500 (SNPINDEX: ^GSPC).That gravity-defying boost was due in no small part to an analyst's note distributed before market open. UBS's Jo Walton reiterated the Swiss bank's buy recommendation on Novo Nordisk stock at a price target of 750 Danish kroner ($110) per share. It wasn't immediately apparent why the analyst published the update. Although it's been something of an up-and-down stock so far this year, Novo Nordisk remains the pacesetter in the market for GLP-1 drugs, of which Wegovy -- indicated specifically for weight loss -- is the product most identified with the category.Continue reading
Novo Nordisk (NYSE: NVO), the Danish company best known as the maker of weight loss drug Wegovy, expanded a little on the stock exchange Tuesday. The company was one of the rare enterprises seeing an increase in price on what was generally a down day for the market; it closed 1% higher, against the 1.1% decline of the bellwether S&P 500 (SNPINDEX: ^GSPC).
That gravity-defying boost was due in no small part to an analyst's note distributed before market open. UBS's Jo Walton reiterated the Swiss bank's buy recommendation on Novo Nordisk stock at a price target of 750 Danish kroner ($110) per share.
It wasn't immediately apparent why the analyst published the update. Although it's been something of an up-and-down stock so far this year, Novo Nordisk remains the pacesetter in the market for GLP-1 drugs, of which Wegovy -- indicated specifically for weight loss -- is the product most identified with the category.
