Financial giants have made a conspicuous bullish move on Novo Nordisk. Our analysis of options history for Novo Nordisk (NYSE:NVO) revealed 12 unusual trades.
Delving into the details, we found 66% of traders were bullish, while 33% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $220,662, and 8 were calls, valued at $807,070.
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 $90.0 to $150.0 for Novo Nordisk over the last 3 months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Novo Nordisk's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Novo Nordisk's significant trades, within a strike price range of $90.0 to $150.0, over the past month.
Novo Nordisk Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVO | CALL | TRADE | BULLISH | 08/16/24 | $4.45 | $4.3 | $4.45 | $135.00 | $511.7K | 759 | 541 |
| NVO | PUT | SWEEP | BEARISH | 08/16/24 | $6.8 | $6.7 | $6.7 | $135.00 | $97.7K | 1.4K | 17 |
| NVO | CALL | TRADE | BULLISH | 09/20/24 | $3.4 | $3.3 | $3.4 | $145.00 | $86.0K | 7.8K | 6 |
| NVO | PUT | TRADE | BULLISH | 08/16/24 | $14.2 | $14.05 | $14.11 | $145.00 | $56.4K | 791 | 50 |
| NVO | CALL | SWEEP | BULLISH | 08/16/24 | $6.9 | $6.85 | $6.9 | $130.00 | $37.9K | 1.4K | 80 |
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.
Following our analysis of the options activities associated with Novo Nordisk, we pivot to a closer look at the company's own performance.
Current Position of Novo Nordisk
- With a volume of 2,060,022, the price of NVO is up 2.15% at $132.78.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 19 days.
What Analysts Are Saying About Novo Nordisk
In the last month, 3 experts released ratings on this stock with an average target price of $161.0.
- An analyst from Cantor Fitzgerald downgraded its action to Overweight with a price target of $160.
- 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 BMO Capital keeps a Outperform rating on Novo Nordisk with a target price of $163.
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.