Why Novo Nordisk Stock Dipped on Thursday
Novo Nordisk's (NYSE: NVO) is famous and celebrated for its cutting-edge obesity medication. But on Thursday, its stock felt like the company ingested some of its own treatment. Its U.S.-traded American depositary receipts (ADRs) saw their price slump by more than 2% following the move, a steeper decline than the S&P 500 index's 0.3% slip.
Well before market open that morning, Morgan Stanley's Thibault Boutherin knocked his Novo Nordisk price target down to 600 Danish kroner ($86.67) per share; previously, this number was 700 kroner ($101.11). In doing so, he left his equalweight (i.e., hold) recommendation intact.
According to reports, Boutherin expressed concern in a new research note that the subscriptions for Wegovy are trailing those of its great rival, Zepbound, from American pharmaceutical titan Eli Lilly (NYSE: LLY).
Source Fool.com
