Novo Nordisk (NYSE: NVO) stock, maker of the blockbuster GLP-1 agonist weight-loss drugs Ozempic and Wegovy, jumped a lucky 7% through 12:20 p.m. ET Tuesday after London’s Financial Times reported local activist hedge fund Parvus Asset Management is building a stake.
Reportedly, Parvus is upping its stake to gain more influence in picking a new CEO for Novo.
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Buying activity in a stock can help to push a stock price higher. That’s one reason why Novo shares may be reacting positively today. A second reason may have more to do with Novo Nordisk itself.
Earlier this morning, Novo announced it is preparing to present new weight-loss data from a STEP UP trial using an increased, 7.2-mg dose of Wegovy, at the upcoming American Diabetes Association’s (ADA) 85th Scientific Sessions, taking place in Chicago from June 20-23. “New data will offer additional evidence of the broader cardiovascular and kidney health benefits of semaglutide,” says Novo.
Additionally, the company will present Phase 3 clinical trial data from its CagriSema REDEFINE 1 and 2 trials. There are no specifics yet on precisely what data Novo will be presenting — i.e., whether the numbers will look good or bad. Investors today, however, seem to be leaning in the direction of hoping for “good.”
“Hope” may not be the best investment strategy, of course. But buying cheap stocks is often a good way to go, and after getting cut in half over the past year, Novo Nordisk stock is starting to look cheap enough to buy.
Priced under 21 times earnings, paying a 2.3% dividend yield, and expected to grow earnings in the mid-teens over the next five years, Novo stock isn’t yet a screaming bargain — but it’s getting there.
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.
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