Why Novo Nordisk Stock Thrashed the Market on Monday
The broader stock market might have been a bit sluggish in the summer heat on Monday, but investors didn't hesitate to pile into Novo Nordisk (NYSE: NVO). Shares of the pharmaceutical company behind hotly popular weight loss drugs Ozempic and Wegovy rose by over 2% on the day, well exceeding the less than 0.2% increase of the S&P 500 index. The company's latest financial engineering news was a big reason why.
In a regulatory filing, Novo Nordisk showed that it is putting its money where its mouth is. It detailed a series of share buybacks it had made recently and provided an updated total.
Last week, it repurchased a total of 436,500 of its B shares. That brings the total under the program so far to just under 13.6 million shares, at an average share price of slightly more than 1,074 Danish kronor ($159) apiece.
Source Fool.com
