Apr. 6 at 3:19 PM
$VRDN is getting hammered after REVEAL-1, down nearly 25% today
Traders are piling into short-dated puts like crazy
I saw 775 contracts of 4/17
$14 puts swept at the ask, IV around 104 to 110%
That makes
$14 a key level to watch
Options flow over the last 5 days is all puts, 4.1 times normal momentum
About
$210K in all-sweep premium
No sign of dip-buying yet, just heavy downside hedging
With VRDN down 28% in 5 days on weak Phase 3 data, it looks like a fundamental hit
Any long plays here need tight risk management