Can Novo's Perception Get Any Worse?

NVO (monitor): Novo Nordisk may be nearing a bottom after a 72% drawdown, with shares at 3.6x EV/trailing sales and 9.3x trailing earnings, although the forward P/E is higher. A successful retest of $34.85—ideally on fading volume and followed by a higher low—or a sustained break above the mid-$40s downtrend would support stabilization. Low investor confidence in management, pricing pressure and semaglutide’s roughly 75% sales concentration remain key concerns; the business also sits somewhat outside the circle of competence.

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