Traders Busy as Ohr Pharmaceutical Inc (OHRP) Reels on Data

OHR Pharmaceutical Inc (NASDAQ:OHRP) is getting bloodied up this morning, after the biotech firm's experimental eye drug fell short of its goal during a mid-stage trial. At last check, the stock was down nearly 65% at $3.08, and fresh off a multi-year low of $2.90. Shifting gears, OHRP options are flying off the shelves at 12 times the expected intraday rate.

A number of front-month calls are in the crosshairs. Specifically, the April 2.50, 10, 12.50, and 15 strikes are experiencing notable volume, with possible buy-to-open activity detected at the in-the-money strike. However, OHRP's most active option is the April 7.50 put, which is seeing a mix of buying and selling activity.

One group that's likely cheering today's technical breakdown is short sellers. Short interest on OHR Pharmaceutical Inc (NASDAQ:OHRP) grew 25% during the two most recent reporting periods, and now makes up 15.5% of the equity's total float. However, additional short selling isn't currently an option, as OHRP has been placed on the short-sale restricted list.