Pharma Stock Hits Record High on Newest Weight-Loss Drug

Options traders are loading up on NVO today

Deputy Editor
Mar 7, 2024 at 11:20 AM
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Novo Nordisk A/S (NYSE:NVO) stock is gapping to record highs today, after the pharmaceutical company reported positive phase 1 trial results for its experimental weight-loss drug, amycretin. Showing higher weight loss than its already rabidly popular Wegovy, the drug is fully in the ring of contenders, with phase 2 results due out early 2026. 

At last glance, NVO was up 9.2% at $136.23, and earlier peaked at $136.50. The stock has finished 10 of the last 12 weeks higher, and sports a 92% year-over-year gain. 

Options traders are blasting Novo Nordisk stock in response. So far, 42,000 calls and 15,000 puts have been exchanged, which is eight times the overall options volume typically seen at this point. The weekly 3/8 135-strike call is the most popular, with new positions being bought to open there. 

Options traders were leaning bullish before today as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), NVO's 50-day call/put volume ratio of 3.34 ranks higher than 88% of readings from the past year. 


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