Three distinct stories are driving unusual options activity this week. Each one has a clear catalyst.
Workday jumps into expiry week with momentum. WDAY beat Q2 sales estimates and reaffirmed full-year guidance of $10.635–$10.660B. The stock has active options expiring today, May 22. Short interest sits at 13.8% of free float. That's elevated. A short squeeze combined with an earnings pop could amplify call activity sharply.
Biogen puts spike after trial failure. BIIB and DNLI scrapped development of BIIB122 after a Phase 2b Parkinson's trial missed all endpoints. Put buyers moved fast. BIIB's SI % of FF is just 3.4%, but options expiring as soon as today and May 29 give traders a quick vehicle to express downside. Denali carries 10.6% short interest. That's notable for a mid-cap biotech.
IMAX sale rumors ignite call activity. IMAX shares jumped on reports it is exploring a sale, with NFLX mentioned as a potential buyer. IMAX carries 15.9% SI % of FF — one of the higher readings in its peer group. A deal announcement could trigger a sharp short squeeze. Options expiries run out to August, giving traders room to position for a prolonged deal timeline.
The broader SPY has expiries running daily through summer — a sign hedging demand remains high amid Iran tensions and ongoing macro uncertainty.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
