Louis Navellier’s 2023 Portfolio: 5 Growth Stocks to Watch

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

Stake Value of Navellier & Associates: $4,831,013

Number of Hedge Fund Holders: 46

Novo Nordisk A/S (NYSE:NVO) is a global healthcare corporation involved in the research, development, production, and promotion of pharmaceutical products. The company operates in two primary divisions – Diabetes and Obesity care, and Rare Disease. In Q1 2023, Louis Navellier’s fund added Novo Nordisk A/S (NYSE:NVO) to its portfolio by purchasing 30,357 shares worth $4.8 million. It is one of the top growth stocks to invest in according to Navellier. 

On April 18, Deutsche Bank analyst Emmanuel Papadakis raised the firm’s price target on Novo Nordisk A/S (NYSE:NVO) to DKK 1,450 from DKK 1,200 and maintained a Buy rating on the shares.

According to Insider Monkey’s first quarter database, 46 hedge funds were bullish on Novo Nordisk A/S (NYSE:NVO), compared to 41 funds in the prior quarter. Tom Gayner’s Markel Gayner Asset Management is the biggest position holder in the company. 

Artisan Global Opportunities Fund made the following comment about Novo Nordisk A/S (NYSE:NVO) in its Q4 2022 investor letter:

“Novo Nordisk A/S (NYSE:NVO) is the global leader in insulin production and diabetes treatment. We believe the company’s drugs for treating diabetes— decreasing blood sugar and weight—have a solid profit cycle runway ahead. However, our core investment thesis is centered around the company’s opportunity in the obesity market with its Wegovy® offering, which is an injectable prescription medication serving as a potentially safer alternative to bariatric surgery. Wegovy® is commercially approved and has the potential to capture a meaningful share of what we expect will be a massive market opportunity considering both the total addressable market combined and the recurring revenue of the medication that must be taken chronically to maintain effectiveness. For the quarter, the company reported 16% growth in sales, but sales within its obesity segment grew by 75%.”