Pharma Stock Hits Record High After Expansion Plans

Novo Nordisk will launch Wegovy in Japan in February

Laura McCandless

Deputy Editor

Nov 24, 2023 at 10:41 AM

Pharmaceutical name Novo Nordisk A/S (NYSE:NVO) is up 1.6% at $104.93 at last glance, earlier hitting a fresh record peak of $105.30. This high comes after news that the company plans to launch Wegovy, its popular anti-obesity drug, in Japan on Feb. 22 -- its first roll-out in Asia. Since the start of the year, the equity is up 55%.

Analysts are optimistic on the stock, with seven of the nine in coverage carrying a "strong buy" rating. There is room for price-target hikes following the stock's recent rally, however, as the 12-month consensus price target of $102.51 is now a slim discount to current levels.

When weighing in on NVO, options look like a good way to go, as options traders are pricing in low volatility expectations at the moment. This is per the security's Schaeffer's Volatility Index (SVI) of 26%, which ranks in the 13th percentile of its annual range.

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