Weight loss goals may be at the forefront of many New Year's resolutions, which could push the exuberance for Eli Lilly LLY and Novo Nordisk NVO stock. As the major players in the hyper-scale shift of injectable drugs that treat obesity,

Novo Nordisk A/S (NYSE:NVO – Get Free Report) was upgraded by equities researchers at UBS Group from a “sell” rating to a “buy” rating in a research note issued to investors on Wednesday,Benzinga reports.

Key Takeaways Novo Nordisk shares rose Wednesday on the company's home market in Denmark and in the U.S. after UBS analysts upgraded the stock.The analysts upgraded the Ozempic obesity drugmaker to a "buy,

Shares of Novo Nordisk NVO gained 2.8% on Wednesday likely because the analysts at UBS upgraded the company’s rating from “Neutral” to “Buy.” Novo Nordisk markets its semaglutide medicines as Ozempic pre-filled pen and Rybelsus oral tablet for type II diabetes (T2D) and Wegovy injection for weight management.

Novo Nordisk stock has erased 40.7% over the last six months, worsened by a nearly 20% bear gap back in late December following an update on the company's weight loss drug CagriSema. Now "oversold," NVO's 14-day relative strength index (RSI) ranks at 15.