Vir Biotechnology's Stock Rally Seems To Have More Runway Left

Shares of Vir Biotechnology Inc VIR jumped over 12% after the company Wednesday shared promising data from the preclinical trials of its COVID-19 antibody treatment.

On CNBC's "Options Action," Tony Zhang of OptionsPlay said Vir Biotechnology was very active on Wednesday, trading around 19 times the average daily volume, or 13,000 contracts.

There were buyers of 1,254 December 55 calls, which were traded at an average price of $1.84. These contracts expire “in just two days,” Zhang said.

Traders are betting that the stock will rise by at least 10% by Friday. This translates to around a 15% gain for the week, given the stock’s performance until Wednesday.