Novo Nordisk stock falls as US listing option enters debate

Published on 09/24/2026 at 12:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Novo Nordisk stock stood at DKK 253.3 on September 23, 2026, 38.2 percent below its 52-week high. Buybacks reached DKK 9.63 billion by September 18.

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Novo Nordisk (ISIN DK0062498333) traded at DKK 253.3 on Nasdaq Copenhagen on September 23, 2026, down 2.13 percent from the previous close of DKK 258.8. The move followed renewed discussion about a possible direct New York listing, although management has not begun a formal process.

NYSE option remains exploratory

As Reuters reported on September 23, 2026, CEO Mike Doustdar said Novo Nordisk is open to considering a direct listing on the New York Stock Exchange. The move would replace the existing American depositary receipt structure, but Doustdar also said the company is not actively exploring the change.

That distinction matters for investors. Novo Nordisk remains primarily listed in Copenhagen, while its US-listed ADR gives American investors access without changing the companys primary venue. A direct listing would therefore be a market-access decision rather than an immediate change to the underlying business.

Buyback reaches DKK 9.63 billion

The capital-return program provides a second concrete reference point. According to GlobeNewswire in the release dated September 21, 2026, Novo Nordisk had repurchased 34,174,179 B shares for DKK 9,629,922,935 by September 18. The average purchase price was DKK 281.79, which stood DKK 28.49 above the September 23 market price.

The repurchases formed part of a DKK 15 billion, 12-month program. The accumulated amount represented 64.2 percent of that ceiling, giving the buyback a measurable scale even as the share price remained below the average repurchase price.

Analyst target stays above price

Berenberg maintained a Neutral rating and a DKK 305 price target on September 22, 2026, according to MarketScreener. That target was DKK 51.7 above the September 23 price, a gap of 20.4 percent.

Stock remains below yearly high

Novo Nordisk traded within a 52-week range of DKK 224.3 to DKK 410.0 on September 23, 2026. Its DKK 253.3 price was 38.2 percent below the high, while the market capitalization stood at DKK 1.13 trillion on the same date.