Notable Friday Option Activity: CVS, TELL, NVAX

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in CVS Health Corporation (Symbol: CVS), where a total volume of 25,079 contracts has been traded thus far today, a contract volume which is representative of approximately 2.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 46.9% of CVS's average daily trading volume over the past month, of 5.3 million shares. Especially high volume was seen for the $105 strike call option expiring May 20, 2022, with 3,537 contracts trading so far today, representing approximately 353,700 underlying shares of CVS. Below is a chart showing CVS's trailing twelve month trading history, with the $105 strike highlighted in orange:

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Tellurian Inc (Symbol: TELL) options are showing a volume of 96,927 contracts thus far today. That number of contracts represents approximately 9.7 million underlying shares, working out to a sizeable 46.3% of TELL's average daily trading volume over the past month, of 21.0 million shares. Particularly high volume was seen for the $6 strike call option expiring April 14, 2022, with 12,620 contracts trading so far today, representing approximately 1.3 million underlying shares of TELL. Below is a chart showing TELL's trailing twelve month trading history, with the $6 strike highlighted in orange:

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And Novavax, Inc. (Symbol: NVAX) options are showing a volume of 17,913 contracts thus far today. That number of contracts represents approximately 1.8 million underlying shares, working out to a sizeable 43.7% of NVAX's average daily trading volume over the past month, of 4.1 million shares. Especially high volume was seen for the $78 strike call option expiring April 01, 2022, with 586 contracts trading so far today, representing approximately 58,600 underlying shares of NVAX. Below is a chart showing NVAX's trailing twelve month trading history, with the $78 strike highlighted in orange:

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