Pharmaceutical Stock Sinks on Sales Forecast

Options bulls are betting on a rebound

Deputy Editor
Jan 9, 2023 at 3:10 PM
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BioCryst Pharmaceuticals Inc (NASDAQ:BCRX) stock is sinking today, down 11.6% at $10.45 at last glance, after the company's sales forecast for its skin disease drug, Orladeyo, came in below estimates. The treatment prevents attacks of hereditary angioedema (HAE). In a statement, Cowen and Company noted that the forecast will "prove to be appropriately conservative." 

Today's slide as BCRX trading at its lowest level since June. Before this session's slump, the $12 level appeared to be providing pressure, as well as the shares' 200-day moving average. Year-over-year, the equity is now down 5.7%. 

BCRX Jan9

Options traders are chiming in at three times the average intraday volume after the news. So far, 5,194 calls have been exchanged alongside 1,049 puts, showing options bulls eyeing an attractive entry point after the negative price action. The January 2024 13- and 22-strike calls are the most popular, followed by January 2023 10- and 14-strike calls. 

It's also worth noting that short interest makes up 15.4% of BCRX's available float, leaving plenty of room for a short squeeze. At the stock's average pace of trading, it would take over 10 days to buy back these bearish bets. 

 

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