U.S.-listed shares of Novo Nordisk (NVO) fell sharply for a second straight day Wednesday, this time after Bank of America downgraded the stock.

On Tuesday, the stock plummeted nearly 22% after the Danish drugmaker cut its full-year outlook and named a new CEO. The maker of blockbuster weight-loss drugs Ozempic and Wegovy said it now expects 2025 sales growth at constant exchange rates of 8% to 14%, down from its early May forecast of 13% to 21%.

In response, Bank of America analysts wrote Wednesday that they were downgrading the stock to "neutral" from "buy," and lowering their price target to 375 Danish kroner from 550 Danish kroner. The analysts also reduced their earnings forecasts for the company for the next several years based on trends expected in the second half of this year and more pressure anticipated in 2026 and 2027.

Novo Nordisk's U.S.-listed shares were down 6% in recent trading Wednesday. They have lost more than 40% of their value in 2025 and are down about 60% over the past 12 months.

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