NOVO is trading at record highs
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.