3 biopharma stocks seeing high options volume
Biopharma stocks are dominating the unusual options volume list today, after a high-profile clinical trial failure from Novartis AG (NYSE:NVS) sent shockwaves through the sector. NVS is headed for its worst single-session performance on record, while Amgen Inc (NASDAQ:AMGN) and NewAmsterdam Pharma Company NV (NASDAQ:NAMS) are also seeing elevated options activity as traders assess the broader implications of the failed Lp(a) trial.
Novartis stock is down 13.4% at $138.63 at last check, after its Phase 3 HORIZON trial evaluating cardiovascular drug pelacarsen failed to meet its primary endpoint. The treatment, designed to lower lipoprotein(a), or Lp(a), did not reduce the risk of major cardiovascular events. The shares are now headed for their worst day on record. Options volume is running at four times the usual intraday amount, with 13,000 calls and puts exchanged so far. Puts are particularly popular, with 8,593 across the tape compared to 4,189 calls.
Amgen stock is down 9.4% at $396.33, as the HORIZON results raise concerns surrounding the drugmaker's own Lp(a)-lowering treatment, olpasiran. Amgen is expected to report Phase 3 data for the drug in mid-2028, putting it in the spotlight after Novartis' results. The equity also suffered a downgrade from BMO to "market perform" from "outperform." AMGN options are running at 2.3 times the usual intraday volume, with roughly 22,000 contracts traded so far. Puts lead with about 13,000 contracts, compared to 9,933 calls.
NewAmsterdam Pharma stock is down 1.6% at $25.00, extending its recent downtrend and trading near 52-week lows. Analysts are standing by the shares despite the HORIZON results, with Stifel and H.C. Wainwright both reiterating their "buy" ratings. Stifel noted that the implications for NewAmsterdam's PREVAIL trial are more nuanced. NAMS is seeing the most extreme options-volume spike of the group, with activity running at 38 times the usual intraday amount. Roughly 17,000 contracts have changed hands, split almost evenly between 8,428 puts and 8,407 calls.