Noteworthy Friday Option Activity: BHVN, SJM, BBW

J.M. Smucker Co. (SJM) and Build-A-Bear Workshop Inc (BBW) are experiencing notable options trading activity today, with volumes for both representing over 43% of their respective average daily share trading volumes. Specifically, SJM saw significant interest in its September 2025 $115 call options, indicating potential bullish sentiment, while BBW's December 2025 $52.50 put options were heavily traded, suggesting a bearish outlook. This elevated options activity highlights increased speculative interest or hedging in these names, warranting attention for potential directional price movements.

Analysis

J.M. Smucker Co. (SJM) and Build-A-Bear Workshop Inc. (BBW) are both experiencing unusually high options trading activity, indicating heightened investor focus. For SJM, the options volume of 6,927 contracts represents a significant 43.5% of its average daily share volume. This activity is heavily concentrated in a single contract: the September 2025 $115 strike call option, which accounts for 3,942 contracts. Such specific, high-volume interest in a long-dated call option suggests a notable bullish sentiment or a large-scale hedging operation betting on SJM's share price appreciating above $115 over the next year. Conversely, BBW's options volume of 952 contracts, equating to 43% of its average daily share volume, is centered on bearish positioning. The most active contract is the December 2025 $52.50 strike put option, with 544 contracts traded. This concentrated put buying points toward significant investor speculation on a potential price decline below $52.50 or a substantial protective hedge against a long position.

Key Decisions for Investors

• Investors should note the significant bullish signal in SJM, where heavy trading in long-dated $115 call options may indicate institutional conviction in a price move above this level by September 2025.
• For BBW, the concentrated volume in December 2025 $52.50 put options serves as a bearish flag, warranting caution for those with long positions and suggesting a potential hedging strategy or speculative bet on a downside move.