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 9 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 11% leaning bullish and 88% bearish. Among these notable options, 4 are puts, totaling $394,880, and 5 are calls, amounting to $183,872.
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 $100.0 to $170.0 for Novo Nordisk over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $100.0 to $170.0 in the last 30 days.
Novo Nordisk Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NVO | PUT | TRADE | BULLISH | 06/21/24 | $160.00 | $264.3K | 523 | 83 |
| NVO | PUT | SWEEP | BEARISH | 09/20/24 | $170.00 | $58.0K | 122 | 0 |
| NVO | CALL | TRADE | BEARISH | 09/20/24 | $115.00 | $50.7K | 274 | 25 |
| NVO | PUT | SWEEP | BEARISH | 06/21/24 | $160.00 | $43.4K | 523 | 83 |
| NVO | CALL | TRADE | NEUTRAL | 01/16/26 | $125.00 | $40.6K | 429 | 14 |
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.
After a thorough review of the options trading surrounding Novo Nordisk, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of Novo Nordisk
- With a volume of 297,004, the price of NVO is down -0.2% at $127.8.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 35 days.
What Analysts Are Saying About Novo Nordisk
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $160.0.
- An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $160.
- Consistent in their evaluation, an analyst from Cantor Fitzgerald keeps a Overweight rating on Novo Nordisk with a target price of $160.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Novo Nordisk with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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