Why Novo Nordisk Stock Slumped on Monday
Drug tariffs, tough competition, and a fresh analyst recommendation downgrade were the burdens pulling down Novo Nordisk (NYSE: NVO) stock on Monday. In some respects, then, it was surprising that the company's shares didn't do worse than the 0.2% slump they were hit with across that trading session. Meanwhile, the S&P 500 (SNPINDEX: ^GSPC) ended the day positively, rising by 0.3%.
Monday's downgrading entity was white-shoe investment bank Morgan Stanley, whose analyst Thibault Boutherin felt compelled to rerate Novo Nordisk as an underweight (sell, in other words). Previously, the pundit had tagged it as equal weight (hold).
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Source Fool.com
