Intraday options volume is running at 26 times the average
Fulcrum Therapeutics Inc (NASDAQ:FULC) is up 49.7% to trade at $5.87 at last glance -- its highest levels since March -- after the U.S. Food and Drug Administration (FDA) lifted its clinical hold on the biotech name's application for its sickle cell disease treatment.
This pop has the shares breaking above their 150-day moving average, as well as a line of pressure at the $4.45 level, as they bid farewell to penny stock territory. Year-to-date, FULC is still down 21%, though.
Options traders are blasting FULC after the update. So far, 7,735 calls and 2,996 puts have been exchanged, which is 26 times the stock's average daily options volume. The September 6 call is the most popular contract by far, with new positions being opened there.
It's also worth noting that short interest represents 5.8% of the security's available float. It would take shorts nearly one week to cover their bets, at FULC's average pace of trading.