Nymox Pharmaceutical Corporation (NASDAQ:NYMX) jumped on another round of upbeat drug data
Nymox Pharmaceutical Corporation (NASDAQ:NYMX) got a lift today, thanks to another round of positive data for its prostate cancer drug, fexapotide. In its latest release, NYMX said its Phase 3 long-term results for the drug showed a decrease in prostate cancer incidence in men with benign prostatic hyperplasia (BPH). and NYMX last week said it plans to file for Food and Drug Administration (FDA) approval within the next one to two quarters. In the meantime, the biopharmaceutical stock finished the day up 5.9% at $3.95, but it looks like options traders are betting on a pullback.
Both call and put open interest were already at annual highs before today, but the preference for puts seems to be the norm of late in NYMX's option pits. Long puts have been especially popular, as evidenced by NYMX's 50-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which currently sits at 1.31, the highest reading in 12 months.
Today, it was more of the same. NYMX options traded at four times their average intraday pace, with puts outpacing calls. Drilling down, NYMX's September 4 put saw the most volume today, with a significant amount of buy-to-open action. These put buyers are expecting NYMX to back down from the $4 mark through expiration on Sept. 16.
While Nymox Pharmaceutical Corporation (NASDAQ:NYMX) shares surged to a two-year high of $5.79 late last week, the shares have since dropped below the critical $4-$4.50 level, which also rejected rally attempts in late 2015. Prior to a bear gap in late 2014, this price level served as support for NYMX.
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