Notable Friday Option Activity: BILL, VKTX, HIMS

Viking Therapeutics (VKTX) options printed 20,836 contracts today—about 2.1 million underlying shares or 47.1% of VKTX’s one‑month average daily volume—with concentrated activity in the $50 call expiring Jan. 16, 2026 (2,837 contracts, ~283,700 shares). Hims & Hers (HIMS) saw 127,907 contracts (~12.8 million underlying shares), roughly 46.1% of its one‑month average daily volume, led by the $21 put expiring Dec. 19, 2025 (5,810 contracts, ~581,000 shares). The concentrated strike/expiry flows in both names point to sizable directional or hedging interest that could presage notable positioning shifts or share‑price moves in the underlying equities.

Analysis

Viking Therapeutics (VKTX) options printed 20,836 contracts today, representing roughly 2.1 million underlying shares and about 47.1% of VKTX’s one‑month average daily volume of 4.4 million shares. Activity is concentrated in the $50 call expiring January 16, 2026, where 2,837 contracts (~283,700 shares) traded, signaling sizable bullish positioning or call-based hedging at that strike and tenor.

Hims & Hers (HIMS) saw 127,907 contracts (~12.8 million underlying shares), about 46.1% of its one‑month average daily volume of 27.7 million shares, with heavy flow in the $21 put expiring December 19, 2025 (5,810 contracts, ~581,000 shares). The relative sentiment outputs flag VKTX mildly positive and HIMS mildly negative, and the market impact score (0.3) suggests these flows are material enough to influence short-term liquidity and price discovery.

Concentrated strike/expiry flows in both names point to either directional bets or portfolio hedges; without buy/sell or spread details one cannot conclusively determine intent. Investors should expect increased implied volatility and the potential for notable underlying price moves, and should monitor open interest, time-and-sales, and IV changes to distinguish speculative builds from structured hedges.

Key Decisions for Investors

• Monitor open interest, time-and-sales and implied volatility for the VKTX $50 Jan 16 2026 call to confirm whether the flow represents outright bullish buying or part of multi-leg hedges, and consider initiating or adding to a small tactical long only if confirmed by underlying buying and rising IV-adjusted delta exposure
• For HIMS, treat the large $21 Dec 19 2025 put flow as a warning signal for downside risk; reduce or hedge long exposure (e.g., buy protective puts or tighten stop-losses) until put-buying pressure and underlying price action clarify direction
• Do not assume directional intent from volume alone—verify via subsequent open-interest changes and quote dynamics before making large position changes, and size positions conservatively given options volume represented roughly half of typical daily share turnover
• If trading options around these strikes, prefer defined-risk structures (verticals, collars) to capture directional view while limiting tail risk during the elevated volatility environment