We recently published 10 Stocks Hit by Painful Plunge. Novo Nordisk A/S (NYSE:NVO) is one of the best-performing stocks on Wednesday.
Novo Nordisk extended its losing streak to a third straight day on Wednesday, dropping 7.25 percent to close at $50.03 apiece after earning a stock downgrade from Bank of America.
In a market note, the investment firm said it downgraded Novo Nordisk A/S (NYSE:NVO) to “neutral” from “buy” previously and lowered its price target to 375 Danish kroner from 550 Danish kroner.
Photo by ani-kolleshi on unsplash
The revision followed the company’s pessimistic outlook for the rest of the year which would pose a challenge for its new chief executive.
In a statement earlier this week, Novo Nordisk A/S (NYSE:NVO) said it now expects full-year sales to grow between 8 and 14 percent, down from the 13 to 21 percent projected previously, as well as annual operating income growth to slow down at 10 to 16 percent as compared with the 16 to 24 percent prior.
Novo Nordisk A/S (NYSE:NVO) said the new guidance was due to an expected weaker second half sales growth forecast for its blockbuster Wegovy and Ozempic drugs.
“For Wegovy in the US, the sales outlook reflects the persistent use of compounded GLP-1s, slower-than-expected market expansion, and competition,” Novo Nordisk A/S (NYSE:NVO).
Meanwhile, the company welcomed company veteran Maziar Mike Doustdar as its new CEO, effective August 7, 2025. He will replace ousted CEO Lars Fruergaard Jørgensen.
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