Weston's downgrade still values Novo Nordisk stock above its current share price of $47 and change, however. Moreover, Novo Nordisk stock currently costs less than 14 times earnings.

Novo Nordisk stock wavered after its second-quarter earnings report early Wednesday as it vowed to cut costs amid intensifying competition and a cratering stock price.

U.S.-listed shares of Novo Nordisk fell sharply for a second straight day Wednesday, this time after Bank of America downgraded the stock to "neutral" from "buy."

Wall Street is reacting with downgrades to Novo's earnings, but with shares trading at their lowest valuation in years, patient investors could find opportunity as the stock falls.

In June, Novo accused Hims of violating its intellectual property and endangering patients, scrapping a brief arrangement enabling them to sell Wegovy directly to consumers and raising expectations of litigation.

Novo Nordisk's FY 2025 guidance cuts are driven by softer U.S. Wegovy/Ozempic and GLP-1 trends. Click here to find out why I rate NVO stock a Hold.

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It has been a rough few seasons for Novo Nordisk (NYSE:NVO) investors, as the company’s share price has tumbled some 60% over the past twelve