Novo Nordisk Upgraded to 'Buy'

By Jennifer Booton Markets FOXBusiness

Novo Nordisk (NVO) was handed an upgrade to “buy” from “hold” on Tuesday from Austria's Erste Group, helping to boost its shares 1%.

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The Denmark-based drug giant, which competes with Bristol-Myers Squibb (BMY), Sanofi (SNY) and Amylin Pharmaceuticals (AMLN), also confirmed a share buyback program launched on Jan. 30.

Under the plans, it expects to buy back up to 15 billion Danish Krone ($2.8 billion) worth of its shares over the next 12 months.

Shares of Novo Nordisk were up 0.90% to $44.29 in recent trade. They have risen 37% over the last year.

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