Moderately bullish activity in Novo Nordisk (NVO), with shares down 55c near $58.62. Options volume roughly in line with average with 63k contracts traded and calls leading puts for a put/call ratio of 0.33, compared to a typical level near 0.59. Implied volatility (IV30) is higher by 0.6 points near 55.64, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.05. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Buy at HSBC .
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