On CNBC's "Options Action," Mike Khouw spoke about unusually high options activity in Biogen Inc BIIB. He noticed on both Tuesday and Wednesday that puts outpaced calls by about 2 to 1.
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The market is implying a move of 7% in either direction this week when the company is going to release the latest clinical trial results. During the session on Wednesday, Khouw noticed a big activity in the December weekly, $275 puts, which traded for $4.26. The trade breaks even at $270.74 or 5.61% below the current stock price.
Editor's note: The company's clinical trial results are expected Thursday morning and had not yet been published at time of writing.
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