15 Best Stocks to Buy According to Jim Simons’ Renaissance Technologies

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

Renaissance Technologies Q4 Stake: $715 million

Number of Hedge Fund Holders: 64

Novo Nordisk A/S (NYSE:NVO) is a prominent global healthcare company that focuses on treating rare diseases, diabetes, and obesity. With 48,000 workers spread across more than 168 countries, Novo Nordisk is well-known for its pharmaceuticals, which include Wegovy, Rybelsus, and Ozempic.

On May 7, BofA Securities lowered its price target for Novo Nordisk A/S (NYSE:NVO) shares from DKK 910 to DKK 850, despite maintaining a buy rating on the stock. During a call with an analyst, Novo Nordisk stated that it was confident in a second-half year inflection, driven by several initiatives. The company also intends to implement a focused SG&A commercial strategy. Novo Nordisk’s guidance is predicated on the idea that Wegovy and Ozempic will both benefit from a decrease in compounded semaglutide in the second half of the year. However, BofA’s analyst pointed out that the company provided limited information about the workings of these processes, such as the effects of capture rates, brand switching, and inventory levels.