BioCryst Pharmaceuticals Inc. registered 13,522 options contracts in traded volume at 12:10 p.m. New York time today, according to exchange data compiled by Bloomberg.
Call options accounted for the vast majority of the flow, with 13,454 contracts traded, while put volume totaled 68 contracts.
The largest single grouping was the September 18, 2026 $12 call and $15 call spread, which represented 6,980 contracts. That grouping comprised 3,490 September 18, 2026 $12 calls with reported open interest of 1,729 contracts, paired with 3,490 September 18, 2026 $15 calls that show open interest of 536 contracts.
Another significant block was the September 18, 2026 $12 call and $16 call spread, which accounted for 2,420 contracts. That block consisted of 1,210 September 18, 2026 $12 calls with open interest of 1,729 contracts and 1,210 September 18, 2026 $16 calls with zero open interest.
The September 18, 2026 $15 call and $11 call spread represented 2,024 contracts. That spread included 1,012 September 18, 2026 $11 calls with open interest of 831 contracts and 1,012 September 18, 2026 $15 calls with open interest of 536 contracts.
Finally, the September 18, 2026 $16 call and $13 call spread accounted for 1,582 contracts. This consisted of 791 September 18, 2026 $13 calls with open interest of 814 contracts, and 791 September 18, 2026 $16 calls showing zero open interest.
The data highlights heavy activity concentrated in a small number of September 18, 2026 expirations and multiple strike pairings. Calls were overwhelmingly favored in the session measured, with puts representing a very small fraction of overall option trades.
Key points
- Overall options volume in BioCryst reached 13,522 contracts at 12:10 p.m. New York time, per exchange data compiled by Bloomberg - market derivatives.
- Call activity dominated, with 13,454 calls versus 68 puts, and substantial volume concentrated in September 18, 2026 call spreads - biotechnology and options markets.
- Four specific call spread structures together made up the bulk of trades, reflecting concentrated interest in a narrow set of expirations and strikes - trading desks and derivatives strategies.
Risks and uncertainties
- Concentration risk - a few call spread combinations represented the majority of volume, which could leave positions exposed if liquidity or sentiment shifts - impacts options market participants.
- Open interest disparities - some strikes in the traded spreads show zero open interest, indicating newly established positions or limited existing volume for those strikes - relevant to traders assessing liquidity.
- Minimal put activity - with only 68 puts traded, the options flow was heavily skewed toward calls, which means the observed activity does not reflect significant protective or bearish positioning in the options tape - relevant to market analysts and equity traders.
The report is strictly based on the exchange figures compiled by Bloomberg at the specified time and reflects the contract-level breakdowns and open interest totals as reported.