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

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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