Novo Slump Is No Buy-the-Dip Moment for Top Danish Investor

Denmark’s largest pension fund sees no buy-the-dip opportunity in Novo Nordisk A/S’s shares after the drugmaker warned that sales will fall in 2026, underscoring how investors on its home turf have little confidence in the stock.

State-controlled ATP remains underweight in Novo relative to its benchmark. Claus Berner Moller, who oversees Danish equities at the fund, said the outlook for Novo has become increasingly uncertain, with the latest guidance reinforcing the downside risks.