Novo Nordisk's (NYSE: NVO) position as a hot healthcare stock got a boost from an analyst as the trading week came to a close. On a significant price target boost, the Danish pharmaceutical company's share price closed the day almost 4% higher. That was more than good enough to outpace the bellwether S&P 500 index, which rose by a relatively light 0.8%.

The analyst giving Novo Nordisk that nice shot in the arm was Morgan Stanley's Mark Purcell. Well before market open that day, Purcell lifted his price target on the company's shares by 16% to 930 Danish kroner ($135) from his previous 800 kroner ($116). Like numerous other prognosticators, he's a Novo Nordisk bull; he maintained his solid overweight (read: buy) recommendation on the shares as he lifted his price target.

It isn't hard to be optimistic about Novo Nordisk these days. The European pharmaceutical company has an absolute smash-hit product on its hands with Wegovy, the obesity drug that has found quite a receptive patient base in the U.S. (with its high proportion of overweight citizens).

Continue reading

Source Fool.com