Notable Monday Option Activity: APP, DAVE, TERN

Dave Inc. (DAVE) and Terns Pharmaceuticals Inc. (TERN) are experiencing unusually high options trading volume today, with DAVE's options activity representing 76.6% of its average daily share volume and TERN's at 74.8%. Notably, DAVE saw significant interest in its November 2025 $220 strike call options, while TERN's November 2025 $12 strike put options also traded with elevated volume, indicating focused speculative or hedging activity in both equities.

Analysis

Dave Inc. (DAVE) and Terns Pharmaceuticals Inc. (TERN) are exhibiting notably high options trading volumes today, signaling increased investor interest or hedging activity. DAVE's options volume reached 2,719 contracts, representing 76.6% of its average daily share trading volume of 354,930 shares. Similarly, TERN's options volume totaled 13,251 contracts, equating to 74.8% of its 1.8 million average daily share volume.

A significant portion of DAVE's activity is concentrated in the November 21, 2025, $220 strike call option, with 1,113 contracts traded, indicating a long-term bullish speculative position or a hedge against short positions. For TERN, the November 21, 2025, $12 strike put option saw substantial volume of 3,178 contracts, suggesting either bearish speculation or protective hedging against existing long equity positions.

This elevated, long-dated options activity for both companies, particularly in specific strikes, points to focused positioning by market participants. While the overall sentiment remains neutral, such concentrated volume can precede or coincide with increased volatility in the underlying shares as investors express directional views or manage risk over an extended horizon.

Key Decisions for Investors

• Investors should monitor DAVE and TERN for potential catalysts that could justify the significant long-dated options positioning, particularly the $220 call for DAVE and the $12 put for TERN.