Sanofi SNY and Regeneron Pharmaceuticals, Inc. REGN shares surged on Thursday after the companies announced primary and all key secondary endpoints were met in a Phase 3 trial evaluating Dupixent in COPD.
On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said Regeneron traded at more than 3.6x average daily volume on Thursday.
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There were buyers of 720 of the April 725-puts at an average price of $4.37 per contract, Khouw mentioned.
The trader sees Regeneron’s stock dropping at least 10% by April expiration.
Price Action: Regeneron Pharmaceuticals shares gained 6.8% to settle at $802.16 on Thursday, while Sanofi shares rose 6% to $51.73 during the session.
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