Noteworthy Thursday Option Activity: CVNA, HIMS, WAL

Hims & Hers Health Inc (HIMS) and Western Alliance Bancorporation (WAL) are experiencing notably high options trading volume today, with HIMS options representing 97.3% of its average daily share volume and WAL options at 90.2%. Significant activity is concentrated in the $65 strike call for HIMS expiring October 2025 and the $55 strike put for WAL expiring December 2025, indicating increased investor interest or positioning around these specific price levels and expirations.

Analysis

Hims & Hers Health Inc (HIMS) and Western Alliance Bancorporation (WAL) are exhibiting significantly elevated options trading volumes today, indicating heightened investor activity. HIMS options volume reached 274,622 contracts, representing 97.3% of its average daily share trading volume over the past month. Similarly, WAL options volume totaled 12,957 contracts, equivalent to 90.2% of its average daily share volume.

For HIMS, a notable concentration of activity was observed in the $65 strike call option expiring October 24, 2025, with 17,526 contracts traded. This represents approximately 1.8 million underlying shares, suggesting a substantial bullish directional bet or long-term hedging interest at a higher price point.

Conversely, WAL saw particularly high volume in the $55 strike put option expiring December 19, 2025, with 3,234 contracts trading. This activity, representing about 323,400 underlying shares, points towards a significant bearish directional bet or protective hedging against a potential price decline for WAL.

The overall neutral sentiment surrounding these reports suggests a factual observation of market flows rather than a definitive market-moving event. This high options activity, particularly in long-dated contracts, signals strategic positioning by institutional players or sophisticated investors around specific price targets for both equities.

Key Decisions for Investors

• Investors should closely monitor HIMS and WAL equity price action for confirmation of the directional biases implied by the significant options flow.
• Further due diligence is warranted to identify any fundamental catalysts or market-moving news that could be driving the concentrated long-dated call activity in HIMS and put activity in WAL.