Why Novo Nordisk Stock Bumped Higher Today
Novo Nordisk (NYSE: NVO) had yet another good session on the stock market Tuesday. Shares of the pharmaceutical stock of the moment gained 1.8% in value on the day, easily topping the 0.2% rise of the S&P 500 index. An analyst's positive note on the stock and an update about the company's share-repurchase program were the two main drivers of the increase.
That morning, before market open, Deutsche Bank's Emmanuel Papadakis reiterated his buy recommendation on Novo Nordisk at a price target of 1,450 Danish krone ($208) per share. That implies nearly 30% upside to the shares' current level.
The reasoning behind Papadakis' continued bullishness on the pharmaceutical company's prospects wasn't immediately apparent. It's not hard to be optimistic about its future, however.
Source Fool.com
