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 33 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 39% leaning bullish and 60% bearish. Among these notable options, 2 are puts, totaling $173,910, and 31 are calls, amounting to $1,548,923.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $50.0 to $115.0 for Novo Nordisk over the last 3 months.
Analyzing Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Novo Nordisk's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Novo Nordisk's whale activity within a strike price range from $50.0 to $115.0 in the last 30 days.
Novo Nordisk Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NVO | CALL | SWEEP | BEARISH | 02/16/24 | $110.00 | $155.3K | 4.6K | 2.7K |
| NVO | CALL | SWEEP | BEARISH | 02/16/24 | $110.00 | $155.0K | 4.6K | 3.2K |
| NVO | PUT | SWEEP | BULLISH | 06/21/24 | $100.00 | $136.2K | 933 | 252 |
| NVO | CALL | SWEEP | BEARISH | 02/16/24 | $110.00 | $95.5K | 4.6K | 1.8K |
| NVO | CALL | SWEEP | BULLISH | 02/16/24 | $110.00 | $93.0K | 4.6K | 3.5K |
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.
Having examined the options trading patterns of Novo Nordisk, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Novo Nordisk's Current Market Status
- With a volume of 3,439,865, the price of NVO is down -1.06% at $106.49.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 26 days.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Novo Nordisk options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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