Here’s Why Novo Nordisk (NVO) Traded Down in Q3

Group 1 - Chautauqua Capital Management's third quarter 2025 investor letter indicates that global equity markets performed well due to the resolution of trade conflicts and a dovish U.S. monetary policy [1] - The Baird Chautauqua International Growth Fund underperformed the MSCI ACWI ex-U.S. Index - ND, primarily due to poor stock selection in the information technology, financials, and industrials sectors [1] - The Baird Chautauqua Global Growth Fund also lagged behind the MSCI ACWI Index – ND for the same reasons related to stock selection in key sectors [1] Group 2 - Novo Nordisk A/S (NYSE:NVO) was highlighted in the investor letter, showing a one-month return of 7.99% but a significant 40.46% loss over the past 52 weeks, with a market capitalization of $227.595 billion as of December 30, 2025 [2] - Novo Nordisk A/S reported lower-than-expected revenues and earnings, cut guidance, and announced a CEO change prior to its quarterly earnings call, citing supply overhang and a challenging prescription trend as key issues [3] - Berenberg has lowered the price target for Novo Nordisk A/S to DKK 400 while maintaining a buy rating, noting that 50 hedge fund portfolios held the stock at the end of the third quarter, an increase from 45 in the previous quarter [4]