Horizon Therapeutics Public Limited Company HZNP shares dropped sharply on Tuesday following a report suggesting the FTC is expected to file a complaint to block Amgen's deal to buy the company.
On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said Horizon Therapeutics traded at 20x average daily options volume on Tuesday.
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There was a buyer of 10,000 of the Jan. 2024 85-puts at an average price of $10.75 per contract, Khouw mentioned.
The trader expects Horizon’s stock to drop at least 23% by January.
Reuters reported that the FTC said Amgen could use its solid position to pressure insurance companies and pharmacy benefit managers into favorable terms for Horizon's two key products - thyroid eye disease treatment Tepezza and gout drug Krystexxa.
Price Action: Horizon’s shares fell 14.2% to close at $96.34 on Tuesday, but added 1.8% in Wednesday’s premarket trading session.
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