The drugmaker released its second-quarter earnings report early Wednesday as it vowed to cut costs amid intensifying competition and a cratering stock price.

Weston's downgrade still values Novo Nordisk stock above its current share price of $47 and change, however. Moreover, Novo Nordisk stock currently costs less than 14 times earnings.

Novo Nordisk's U.S.-listed shares shed a third of their value last week after the company cut its full-year outlook and named a new CEO. Monitor these key chart levels.