Why Novo Nordisk Topped the Market Today
Hardly for the first time in recent weeks and months, Novo Nordisk (NYSE: NVO) had a good trading session on the stock market Monday. The company's shares enjoyed a more than 2% boost on the day, comparing favorably to the 0.9% rise of the S&P 500 index. Investors were cheered by the fact that the Denmark-based pharmaceutical upstart is maintaining its stock repurchase program.
Novo Nordisk said in a brief update that it had purchased 207,000 of its Copenhagen-listed B shares during the five trading days last week. The average price landed between 863.83 Danish kronor ($123.35) and 881.64 kronor ($125.90) per share.
The pharmaceutical company's repurchase initiative was launched in early February, and its duration is one year. Including last week's totals, the company has bought just over 2.13 million of its own shares for a total spend of more than 1.8 billion kronor ($257 million). The repurchase authorization was for up to 20 billion kronor ($2.9 billion) worth of stock.
Source Fool.com
