Noteworthy Wednesday Option Activity: VMEO, APLD, SLNO

Applied Digital (APLD) and Soleno Therapeutics (SLNO) are experiencing significant options trading volume today, with APLD's 166,249 contracts representing 63.3% of its average daily stock volume and SLNO's 9,764 contracts accounting for 62.9% of its average. Notably, long-dated September 2025 call options, specifically the $15 strike for APLD and the $60 strike for SLNO, are seeing particularly high activity, suggesting increased speculative interest or positioning around these price levels for both companies.

Analysis

Applied Digital Corporation (APLD) and Soleno Therapeutics Inc (SLNO) are both exhibiting unusually high options trading volume, signaling heightened investor interest and potential speculation. For APLD, the 166,249 contracts traded represent a significant 63.3% of its average daily stock volume of 26.3 million shares. The activity is heavily concentrated in the September 19, 2025, $15 strike call option, which alone accounted for 15,813 contracts. Similarly, SLNO's options volume of 9,764 contracts equates to 62.9% of its average daily share volume, with a notable concentration of 3,280 contracts in the September 19, 2025, $60 strike call. The long-dated nature of these specific call options suggests that market participants are not positioning for a short-term event, but are instead establishing positions based on a long-term thesis, potentially anticipating significant price appreciation above the respective strike prices by late 2025.

Key Decisions for Investors

• Investors should investigate the fundamental catalysts for APLD and SLNO that could justify the bullish long-term sentiment implied by the heavy volume in the 2025 call options.