Options Traders Target Plunging Biotech Stock

IOVA options volume is running at five times the intraday volume today

Deputy Editor
Dec 27, 2023 at 10:37 AM
facebook X logo linkedin

Iovance Biotherapeutics Inc (NASDAQ:IOVA) was last seen 17.8% lower to trade at $7.31, one of the worst stock's on the Nasdaq today. The bear gap comes after the U.S. Food and Drug Administration (FDA) placed Iovance's Phase 2 study of its LN-145 TIL lung cancer therapy on hold after a study patient passed.

Just yesterday, Iovance stock came within a chip-shot of its May 23 year-to-date high of $9.36. Even after today's dip, Iovance Biotherapeutics stock is more than 10% higher in 2023. Despite the solid return, if this news is a sign of further underperformance, downgrades could weigh, considering all 12 in coverage rate IOVA a "buy" or better.

IOVA's normally quiet options pits are jumping with activity. So far, 5,225 calls and 391 puts have traded hands, which is five times the average intraday volume. Most popular is the March 11 call, which implies these traders might be calling this area as the security's bottom.

The penchant for calls is nothing new.  Data at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows 15,727 calls changing hands in the last 10 days, compared to just 473 puts.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI