Eli Lilly (LLY) options volume surged to 122% of its average daily share volume today, driven by notable activity in the $750 strike put option expiring September 2025. Similarly, Booking Holdings (BKNG) also saw substantial options trading, with particular interest in its $5530 strike put option for the same expiry, indicating significant hedging or bearish sentiment in these long-dated contracts.
Unusual options activity has been detected in Eli Lilly (LLY), with total volume reaching 122% of its average daily share volume, equivalent to approximately 4.1 million underlying shares. The activity is notably concentrated in long-dated put options, specifically the $750 strike expiring in September 2025, which saw 1,808 contracts traded. This targeted, high-volume flow suggests strategic positioning by investors to either hedge significant long-term gains or establish a bearish outlook, signaling a potential price ceiling or downside risk below $750 over the next year. A similar, though less pronounced, pattern was observed in Booking Holdings (BKNG), where options volume neared 94.3% of its daily average, with a focus on the $5530 strike put for the same September 2025 expiration. The parallel activity in these two distinct large-cap names indicates a potential theme of profit protection or cautious sentiment emerging among institutional players for high-valuation stocks that have experienced strong performance.
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