10 Most Promising Future Stocks According to Analysts

5. Novo Nordisk A/S (NYSE:NVO)

Number of Hedge Fund Holders as of Q2: 67

Analyst Upside as of October 10, 2024: 33.93%

Novo Nordisk A/S (NYSE:NVO) is a healthcare company that has etched its name on developing and selling some of the most sought-after weight loss therapies. The company has already reaped tremendous rewards with the success of Ozempic amid solid demand for weight loss medicine.

Likewise, it is one of the most promising future stocks according to analysts, going by its significant investments towards enhancing manufacturing and pipeline. Novo Nordisk A/S (NYSE:NVO)’s competitive edge in the lucrative weight loss market segments is backed by its molecule semaglutide, which it sells under the trade names Ozempic, Segovia, and Rybelsus.

All three are indicated to treat obesity and also aid in eight losses. While the market for weight loss is projected to reach $130 billion by 2030, Novo Nordisk should be one of the beneficiaries, given the strong demand for its medications backed by a robust pipeline.

The company’s revenue has significantly increased over the past three years, with the introduction and sale of these drugs playing a major role. This growth has been particularly notable, with the trailing 12-month revenue jumping by 64% during this period, reaching a recent high of $35.5 billion.

While there are prospects of other new drugs coming into the market, Novo Nordisk A/S (NYSE:NVO) is already looking to safeguard its interest. The company already has three programs in phase 3 clinical trials: two in phase 2 and three in phase 1. One of the drugs in Phase 3, CagriSema, is already touted to have a market potential of about $80 billion

It’s also integrating AI to enhance drug discovery and development processes. The company plans to expand its AI capabilities and strengthen collaborations with international research institutions.

While Novo Nordisk A/S (NYSE:NVO) appears to be trading at a premium with a price-to-earnings multiple of 29, analysts on Wall Street maintain a strong buy with an average price target of $155.25, signaling a 33.93% upside potential. According to Insider Monkey’s data for Q2 2024, the number of hedge funds investing in Novo Nordisk A/S (NYSE:NVO) rose to 67, up from 60 in the previous quarter.