Moderately bullish activity in Novo Nordisk (NVO), with shares down 53c near $59.08. Options volume relatively light with 8581 contracts traded and calls leading puts for a put/call ratio of 0.31, compared to a typical level near 0.56. Implied volatility (IV30) is higher by 0.4 points near 64.13, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.39. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Buy at HSBC .
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