Notable Monday Option Activity: NOW, CIFR, BIIB

Cipher Mining (CIFR) and Biogen (BIIB) are experiencing significant options trading volume, with CIFR's 102,156 contracts and BIIB's 6,324 contracts each representing over 41% of their respective average daily stock trading volumes. This elevated activity includes notable volume in long-dated call options, specifically CIFR's January 2027 $10 strike and BIIB's August 2025 $141 strike, suggesting heightened speculative interest or strategic positioning for future price movements at these levels.

Analysis

Cipher Mining (CIFR) and Biogen (BIIB) are both exhibiting significant options market activity, with today's options volume representing a substantial portion of their typical equity trading volume. For CIFR, the 102,156 contracts traded are equivalent to 10.2 million underlying shares, or 41.4% of its 24.7 million average daily share volume. Similarly, BIIB's options volume of 6,324 contracts represents 41.3% of its 1.5 million average daily share volume. The activity is notably concentrated in specific long-dated call options, indicating potential strategic positioning. In CIFR, heavy volume was observed in the January 2027 $10 strike calls, while BIIB saw a surge in the August 2025 $141 strike calls. This specific, high-volume interest in long-term call options suggests that some market participants are positioning for or speculating on significant upward price movement in these stocks over the next one to two years.

Key Decisions for Investors

• Investors should note the elevated options volume in CIFR and BIIB as a potential leading indicator of increased future stock price volatility.
• The specific interest in long-dated call options, such as the CIFR January 2027 $10 strike and the BIIB August 2025 $141 strike, suggests these price levels may become psychologically significant and should be monitored.