Call Traders Blast Ely Lilly Stock Amid Post-Earnings Peak

Call volume is running at 14 times the intraday average volume

Deputy Editor
Aug 8, 2023 at 10:15 AM
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The shares of Eli Lilly And Co (NYSE:LLY) are trading at record highs today, last seen up 16% at $522.45, following a blockbuster trip to the earnings confessional. The drugmaker reported EPS of $2.11 on revenue of $8.31 billion -- both of which surpassed Wall Street's expectations -- and raised its annual forecast.

On the charts, today's bull gap helped LLY blast back above a recent ceiling at the 30-day moving average. The equity is pacing for its best single-day percentage gain ever, and sports a 70.7% year-over-year lead. 

Options bulls are betting on even more upside for Eli Lilly stock. Already this morning, 29,000 calls have crossed the tape, which is 14 times the intraday average. The most popular is the weekly 8/11 550-strike call, where new positions are being opened, followed by the September 470 call.

Short term option traders have rarely been more call-biased, too. This is per LLY's Schaeffer's put/call open interest ratio (SOIR) of 0.87, which stands higher than just 8% of readings from the past 12 months. Similarly, analysts are incredibly optimistic. Of the 18 in coverage, 15 say "strong buy."

 

 

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