Unusual Options Activity, Thur 5/11/23

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• FUBO May 2 calls (volume: 5770, open int: 9650, implied vol: ~229%, prev day implied vol: 182%). 5K traded in a single transaction. Co is expected to report earnings mid-August.
• PLX Aug 3 calls are seeing interest with the underlying stock down 11% (volume: 2030, open int: 240, implied vol: ~87%, prev day implied vol: 71%). Co is expected to report earnings mid-August.
• ASRT Jan24 12 calls are seeing interest with the underlying stock up 5% (volume: 5540, open int: 5090, implied vol: ~81%, prev day implied vol: 66%). 5400 contracts traded in a single transaction. Co is expected to report earnings early August.
  

Bearish Put Activity:

• HRZN Jun 10 puts (volume: 1640, open int: 830, implied vol: ~82%, prev day implied vol: 71%). Co is expected to report earnings late August.
• SHOP May 62 puts (volume: 7010, open int: 3630, implied vol: ~45%, prev day implied vol: 41%). Co is expected to report earnings late July.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.96, VIX: (17.20, +0.26, +1.5%).
May 19 is options expiration -- the last day to trade May equity options.

Protalix BioTherapeutics (PLX) receives Complete Response Letter for Pegunigalsidase Alfa from FDA

  

 

 

 

Protalix BioTherapeutics provides update on FDA Complete Response Letter for pegunigalsidase alfa (PRX-102) for the proposed treatment of adult patients with Fabry disease 

The CRL did not report any concerns relating to the potential safety or efficacy of PRX--102 in the submitted data package.

In the CRL, the FDA noted that an inspection of Protalix's manufacturing facility in Carmiel, Israel, including the FDA's subsequent assessment of any related findings, is required before the FDA can approve the BLA. Due to travel restrictions, the FDA was unable to conduct the required inspection during the review cycle. The FDA explained that it will continue to monitor the public health situation as well as travel restrictions, and is actively working to define an approach for scheduling outstanding inspections. With respect to the third-party facility in Europe at which fill and finish processes are performed for PRX-102, due to COVID--19, the FDA reviewed records in lieu of a pre-licensing inspection. In the CRL, the FDA stated that it will communicate remaining issues to the facility in order to seek prompt resolution of any pending items.

In addition to the foregoing, the FDA noted that Sanofi's (SNY) Fabrazyme was recently converted to full approval which must be addressed in the context of any potential resubmission seeking accelerated approval of PRX-102. Protalix intends to work collaboratively with the agency to identify the most expeditious pathway to approval, including accelerated approval. Protalix remains confident that it will be able to work with the FDA to resolve these issues and provide a new, alternative drug to Fabry patients. Protalix intends to request a Type-A meeting with the FDA, and will provide further updates on next steps after the meeting.