Options Traders Blast Dice Therapeutics Stock After Buyout

The security is trading at a fresh all-time high

Digital Content Manager
Jun 20, 2023 at 10:33 AM
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Dice Therapeutics Inc (NASDAQ:DICE) was last seen up 37.6% to trade at a fresh all-time high of $46.56, after Eli Lilly (LLY) revealed it will buy the immunology drug maker for roughly $2.4 billion, or $48 per share, in an all-cash deal that is a 40% premium to DICE's last close. 

The security burst through recent overhead pressure at the $36 level right out of the gate, which capped rallies last week and in May. DICE is now on track for their best single-day percentage gain since October 2022, and boasts a 226.5% year-over-year lead.

The equity's typically quiet options pits are abuzz today, with 1,068 puts and 783 calls traded so far -- a whopping 168 times the intraday average volume. The most popular contract is the July 45 put, followed by the 50 call in that series, with new positions opening at both. 

Meanwhile,  short interest is down 11.1% in the last two reporting periods. The 7.82 million shares sold short still make up 16.9% of Dice Therapeutics stock's available float, however, or over three week's worth of pent-up buying power. In other words, there is ample pessimism left to be unwound.




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