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Volume Spike Detected in Shares of Novo Nordisk as They Move Higher on 1.2x Above-Average Volume (NVO)

Published on Wed, 04/24/2013 - 13:17
By Adrienne Chilton

Novo Nordisk shares are trading on heavy volume today, having risen 2.5% to $170.01. Approximately 368,000 shares have changed hands today vs. average 30-day volume of 300,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

Novo Nordisk share prices have moved between a 52-week high of $194.44 and a 52-week low of $129.41 and are now trading 31% above that low price at $170.01 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.9%.

Novo Nordisk (NYSE:NVO) has potential upside of 7.9% based on a current price of $170.01 and analysts' consensus price target of $183.50. The stock should discover initial support at its 50-day moving average (MA) of $169.52 and subsequent support at its 200-day MA of $163.30.

By Adrienne Chilton
achilton@fnno.com

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