Deep-pocketed investors have adopted a bearish approach towards Novo Nordisk NVO, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in NVO usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 23 extraordinary options activities for Novo Nordisk. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 43% leaning bullish and 56% bearish. Among these notable options, 2 are puts, totaling $123,720, and 21 are calls, amounting to $2,748,553.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $200.0 for Novo Nordisk over the last 3 months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Novo Nordisk stands at 1536.08, with a total volume reaching 7,299.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Novo Nordisk, situated within the strike price corridor from $60.0 to $200.0, throughout the last 30 days.
Novo Nordisk Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NVO | CALL | SWEEP | BEARISH | 09/20/24 | $100.00 | $387.1K | 1.0K | 0 |
| NVO | CALL | SWEEP | BEARISH | 09/20/24 | $100.00 | $386.8K | 1.0K | 704 |
| NVO | CALL | TRADE | BULLISH | 09/20/24 | $100.00 | $386.0K | 1.0K | 300 |
| NVO | CALL | SWEEP | BULLISH | 09/20/24 | $100.00 | $384.0K | 1.0K | 1.0K |
| NVO | CALL | SWEEP | BULLISH | 09/20/24 | $100.00 | $237.9K | 1.0K | 400 |
About Novo Nordisk
With roughly one third of the global branded diabetes treatment market, Novo Nordisk is the leading provider of diabetes-care products in the world. Based in Denmark, the company manufactures and markets a variety of human and modern insulins, injectable diabetes treatments such as GLP-1 therapy, oral antidiabetic agents, and obesity treatments. Novo also has a biopharmaceutical segment (constituting roughly 10% of revenue) that specializes in protein therapies for hemophilia and other disorders.
Current Position of Novo Nordisk
- Currently trading with a volume of 1,396,654, the NVO's price is up by 1.69%, now at $135.75.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 49 days.
Expert Opinions on Novo Nordisk
Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $145.0.
- In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Overweight, setting a price target of $140.
- An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $140.
- An analyst from Cantor Fitzgerald has decided to maintain their Overweight rating on Novo Nordisk, which currently sits at a price target of $160.
- Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $140.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Novo Nordisk, Benzinga Pro gives you real-time options trades alerts.
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