At first glance, Novo Nordisk (NVO) seems like a lost cause. Open up Barchart’s main Price Overview screen for NVO stock and you’re quickly greeted with a warning: this ticker suffers from an 88% Strong Sell rating, a consequence of losing 15.49% of value over the trailing month. On a year-to-date basis, the healthcare giant has suffered a loss of almost 25%.
Things don’t seem to be getting better, with recent sessions incurring annoying nibbles of red ink. But from a contrarian view, this dynamic might be loose evidence that the bears are finding it difficult to find new justifications to send NVO stock lower. As such, there might be a case for a reactive rebound.
