Helge Larsen

Could $NVO See a Relief Rally After Tomorrow's Earnings? Novo Nordisk reports its Q3 earnings tomorrow at 7:30 AM CET, and according to Nordnet investment economist Per Hansen, investor sentiment has become increasingly pessimistic. He believes this could create an opportunity for a positive share price reaction, even if the results are not particularly impressive. He highlights several developments among Nordnet's Danish customers: • Only 8.648 customers bought Novo Nordisk shares in October, representing a 56% decline compared with October 2025. • This was the lowest monthly number of buyers recorded in the 34 months since January 2024. • Despite the disappointing share price performance, approximately 38% of Nordnet's Danish customers, or 271.000 investors, still own Novo Nordisk shares. • Across the Nordic countries, 322.484 Nordnet customers hold the stock. Improving earnings expectations have done little to support the share price. At the beginning of 2026, Novo Nordisk expected sales and earnings to decline by 5–13%. However, the successful launch of Oral Wegovy has supported subsequent guidance improvements, and analysts now expect the company could narrow its full-year decline to approximately 1–2%. Yet the share price has failed to respond positively. Per Hansen draws a comparison with DSV, whose shares recently recovered after results that were not particularly impressive but were slightly better than investors had feared. He believes a similar relief rally could occur in Novo Nordisk if tomorrow's results exceed the market's depressed expectations. The question may therefore be less about whether Novo Nordisk delivers outstanding results and more about whether the results are better than investors currently fear. Link: proinvestor.com/forum/topic/…