Company Performance: Financial results such as revenue, profit margins, and earnings per share directly impact investor confidence.

Industry Trends: Overall performance and outlook of the healthcare sector, specifically Novo Nordisk's areas of focus, influences stock valuation.

Regulatory Environment: Government regulations related to pharmaceuticals, pricing policies, and drug approvals can significantly affect profitability.

Competition: The competitive landscape and actions of rival companies, especially in the diabetes and obesity care markets, affect market share and price.

Economic Conditions: Macroeconomic factors such as interest rates, inflation, and economic growth in key markets influence investor sentiment and capital flows.

Pipeline Development: Progress and success of Novo Nordisk's drug development pipeline, including clinical trial results and new product launches, boost investor excitement.

Investor Sentiment: General market mood and investor perception of the company's prospects shape demand and supply of the stock.

Global Events: Major global events such as pandemics or geopolitical instability can impact supply chains, market access, and investor confidence, resulting in fluctuations.