Why Novo Nordisk Stock Topped the Market on Thursday
The European pharmaceutical stock of the moment, Denmark's Novo Nordisk (NYSE: NVO), had another sweet moment on Wall Street Thursday. The company, which has had a smashing success with its weight-loss drug Wegovy, saw its share price rise by over 2% on the day, thanks in no small part to an analyst's price target increase. Novo Nordisk's gain was in contrast to the S 500 index, which slumped by 0.3%.
Powerful bank JPMorgan Chase was the entity doing the raising, in the persons of analyst Richard Vosser and his team.
Early Thursday morning, Vosser's group replaced its fair value price on Novo Nordisk stock -- it now believes it is worth 1,500 Danish kroner ($216) per share, well up from the previous 1,200 kroner ($173) estimate. JPMorgan Chase remains positive on Novo Nordisk, as it maintained its overweight (i.e., buy) recommendation on the pharmaceutical company.
Source Fool.com
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