Best Stocks To Buy Now: Novo Nordisk, PGTI Score New Highs

South Carolina Digital News November 25, 2023

8 1 minute read

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With the stock market in a confirmed uptrend, growth stock investors looking for the best stocks to buy now have had plenty of choices since the start of the month.

Friday’s new highs list served up two bullish gainers as traders returned from the Thanksgiving holiday. Novo Nordisk (NVO) scored a new high on news its blockbuster weight loss drug Wegovy will launch in Japan next year.

NVO stock cleared a later-stage base Friday with a 104 entry. NVO’s latest base is considered later-stage after a strong run already. It’s been almost a year since NVO cleared a first-stage consolidation late last year.

NVO stock gapped up earlier this month after the company reported a 69% jump in Q3 profit. Revenue growth accelerated for the fourth straight quarter, rising 39% to just over $8.3 billion.

In October, the company raised its full-year outlook thanks to strong demand for Wegovy and its diabetes drug Ozempic. And label expansions are possible for both drugs; Wegovy for cardiovascular risk reduction and Ozempic to treat diabetes patients with chronic kidney disease.

Market Rally Looks Great, But Beware This

Best Stocks To Buy Now

PGT Innovations (PGTI) is also among the best stocks to buy now. The small cap soared out of an early-stage flat base with a 32.78 buy point, good for an all-time high. PGTI is known for its premium windows and doors.

PGTI stock gapped up on Nov. 2, the same day the S&P 500 confirmed a new uptrend with a follow-through day. A solid Q3 earnings report was the catalyst. After reporting declining earnings and revenue in Q2, PGTI reported a nice turnaround corner with Q3 profit up 20% and revenue up 4%.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.