Pharma Stock Soars on Heart Disease Drug Trial

Options traders are blasting BBIO today

Laura McCandless

Deputy Editor

Jul 17, 2023 at 10:52 AM

BBIO

BridgeBio Pharma Inc (NASDAQ:BBIO) stock is one of the best stocks on Wall Street today, after the pharma name's heart disease drug, acoramidis, met the main goal in a late-stage study. Up 60% at $29.14 at last glance, BBIO is trading at its highest levels since its steep Dec. 2021 bear gap, though the stock has yet to fully recover those losses.

BridgeBio stock is now above all notable short- and long-term moving averages on its daily chart, and is breaking above recent pressure around the $18 level. Year-to-date, the equity is up an impressive 300%.

Over in the options pits, 28,000 calls and 12,000 puts have exchanged hands so far today, volume that is already 3.8 times the average daily amount. The August 30 call is the most active contract, followed by the July 30 call, with new positions being sold to open at the latter.

It's also worth noting that short interest represents 12.7% of the stock's available float. It would take short sellers over eight days to cover their bets, at BBIO's average pace of trading.

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