That pundit was HSBC's Rajesh Kumar, who downgraded his recommendation on Novo Nordisk that morning. Image source: . Kumar now believes the stock is only worthy of a hold recommendation, down from his previous assessment of buy.

Partially a result, Novo Nordisk has steadily declined since last summer. Over the past year, NVO shares are down more than 57%. And since the beginning of 2025, the company’s share price has declined more than 35%. As of the time of this writing, NVO shares are down just over 20% this morning to $55.17 per share.