Novo Nordisk (NYSE:NVO)'s shares are significantly overvalued, based on analysis shared by the American bank Jefferies in a note to clients.
It said that, as ever, Novo delivered its "usual polished performance" at its capital markets day earlier this week, but added "we struggle to justify the stock uptick".
Year to date, the shares are up by a third, while the past five years have seen the company's valuation grow by more than 400% on the back of the success of its diabetes-turned-weight loss drugs.
Today, Novo is Europe's largest company based on its market capitalisation of $463 billion.
According to Jefferies, the shares, currently changing hands for DKK 911, are worth just DKK 530 each.