Why Novo Nordisk Stock Trounced the Market Today
Hardly for the first time in recent weeks and months, Novo Nordisk (NYSE: NVO) stock beat the market on Monday. That isn't necessarily hard to do when you're a company with two of the most popular drugs on U.S. pharmacy shelves. Still, on the inaugural day of the trading week, the shares got a boost with a pair of analyst price target hikes. This sent its stock 3% higher, easily topping the 0.2% rise of the S&P 500 index.
The twin hikes came from J.P. Morgan prognosticator Richard Vosser and Morgan Stanley analyst Mark Purcell. The former upped his price target on Novo Nordisk to 800 Danish kroner ($115) per share from the previous 750 kroner ($108), while the latter raised his to 730 kroner ($105) from 705 kroner ($101). Both maintained their equivalent of a buy recommendation.
The price target boosts weren't much of a surprise.
Source Fool.com
