Weston's downgrade still values Novo Nordisk stock above its current share price of $47 and change, however. Moreover, Novo Nordisk stock currently costs less than 14 times earnings.

Novo Nordisk, the Danish maker of the wildly popular Ozempic and Wegovy drugs used for weight loss, was downgraded due to competition from compounding as well as arch rival Eli Lilly, a brokerage said on Tuesday.

Novo Nordisk A/V (NYSE: NVO) stock is testing the patience of buy-and-hold investors. Over the last five years, NVO stock is up more than 200%. However, in the last year, it’s down over 61% and more than 43% in 2025.