Unusual Options Activity

1. AcelRx Pharmaceuticals (ACRX)- 2,000 July $2.50 calls were purchased for $1.40-$1.50. Call activity was 9x the average daily volume. They have Phase 3 data due out in Q4.
2. FedEx (FDX)- More than 4,000 June 5 weekly $180 calls have traded with the majority being bought for $0.75-$1.25.

1. iShares China Large-Cap ETF (FXI)- The Nov $41.50/$52.50/$57 bull call spread risk reversal was put on 10,000 times for a $0.35 debit. He/she is betting that the pullback in Chinese stocks has run its course and will make new highs by November (possibly up to $57). If the ETF falls below $41.50 he/she faces significantly more losses than the $0.35 debit the trade was put on for (requires margin).
2. Heron Therapeutics (HRTX)- A rollout from 1,250 Sep $17.50 calls ($9.60 credit) into 2,500 Sep $27.50/$35 bull call spreads ($2.60 debit). Bulls continue to bet on more upside in the small cap biotech even after doubling in a week (here’s yesterday notable action in HRTX). On May 15th, Brean Capital has had a buy rating and a $40 price target on the stock for quite sometime now and they reiterated their stance on May 29th.
3. Maxim Integrated Products (MXIM)- 1,000 June $34 calls were bought for $1.05-$1.10, against open interest of 1,831 contracts. They’ve been rumored as an M&A target and the likelihood increased following the AVGO/BRCM and INTC/ALTR deals in the chip space.

ACRX FDX FXI HRTX MXIM unusual options activity