Novo Nordisk's stock is experiencing an upward movement following an upgrade from Exane BNP Paribas. On December 2, 2024, the firm upgraded Novo Nordisk to "Outperform" from "Neutral," setting a price target of DKK 930. The upgrade is based on the anticipation of significant pipeline catalysts in 2025 and the potential for a strong rally in the European pharmaceutical sector. This positive outlook comes after a period where the stock had been under pressure, with BNP Paribas Exane now seeing the risks as balanced with the opportunities for gains.
Additionally, the bank highlighted attractive investment opportunities in Novo Nordisk shares, particularly with important obesity data expected later in December. This upgrade and the optimistic view on upcoming data have likely contributed to the positive sentiment around the stock.
Novo Nordisk's shares are currently priced at $109.98, reflecting a 2.98% increase from the previous close of $106.80.