Notable Tuesday Option Activity: CAVA, BILL, ABBV

BILL Holdings Inc (BILL) and AbbVie Inc (ABBV) both experienced notably high options trading volume, with activity in each stock's options market representing approximately 60% of their respective average daily stock trading volumes. This surge was primarily driven by significant interest in long-dated call options, specifically BILL's $60 strike call expiring December 2025 and ABBV's $230 strike call expiring October 2025, indicating potential speculative positioning or institutional hedging for future upside in both equities.

Analysis

Both BILL Holdings Inc. (BILL) and AbbVie Inc. (ABBV) registered a significant uptick in options trading activity, with total options volume representing approximately 61% and 59.9% of their respective average daily stock trading volumes. This activity was not broad-based but was highly concentrated in specific, long-dated call options. For BILL, 10,053 contracts of the $60 strike call expiring in December 2025 were traded, accounting for a substantial portion of the day's options flow and representing roughly 1.0 million underlying shares. Similarly, ABBV saw a surge in its October 2025 $230 strike calls, with 12,213 contracts changing hands, equivalent to 1.2 million underlying shares. This targeted buying of long-dated calls suggests that certain market participants are positioning for significant upside in both stocks over a multi-year horizon, reflecting either a speculative bullish thesis or large-scale institutional hedging strategies.

Key Decisions for Investors

• Investors should monitor the open interest and subsequent volume in the specified long-dated call options (BILL Dec 2025 $60 calls, ABBV Oct 2025 $230 calls) as a barometer for conviction in this long-term bullish positioning.
• The significant, targeted options flow warrants a deeper investigation into potential fundamental catalysts for both BILL and ABBV that could justify a substantial price appreciation over the next 18-24 months.