10 Undervalued Large Cap Stocks to Buy

8. Novo Nordisk A/S (NYSE:NVO)

Stock Upside: 24.57%

Market Capitalization: $162.36 billion

Forward P/E: 11.05

Number of Hedge Fund Holders: 55

Novo Nordisk A/S (NYSE:NVO) is one of the undervalued large cap stocks to buy. On April 7, Novo Nordisk A/S (NYSE:NVO) said Wegovy HD, a higher-dose 7.2 mg version of its weight-management drug Wegovy, is now available nationwide in the United States for adults with obesity.

The company said this is the highest-dose Wegovy injection it has launched so far, and that it is meant to give patients another option if they have not reached their weight-loss goals on lower-dose Wegovy injections or need greater weight loss. It said Wegovy HD is available through more than 70,000 US pharmacies, NovoCare Pharmacy, select telehealth providers, and other access channels where Wegovy is already offered.

Novo Nordisk detailed that the main clinical data behind the launch came from the 72-week STEP UP trial in adults with obesity without diabetes. In the trial, patients on Wegovy HD lost about 21% of body weight on average if they stayed on treatment, or about 19% when counting all patients regardless of whether they stayed on treatment. For context, Novo said the existing 2.4 mg Wegovy injection delivered about 18% average weight loss in the on-treatment analysis and about 16% in the all-patients analysis.

The company also said 31.2% of patients on Wegovy HD lost at least 25% of their body weight. This is compared with 15.3% on the 2.4 mg dose and none on placebo in the trial analysis cited in the press release. Novo Nordisk used those results to position Wegovy HD as an expansion of the broader Wegovy franchise. This now includes multiple formulations, including Wegovy pill.

Novo Nordisk A/S (NYSE:NVO) is a pharmaceutical company that develops and manufactures medicines for chronic diseases, with a primary focus on diabetes and obesity care. Its products include insulin therapies and GLP-1-based treatments such as Ozempic and Wegovy.