Horizon Therapeutics (HZNP) starting to move above monthly value last week and coiled in a multi-week range under recent highs at $111.70. Shares are following the rising 55-EMA higher since early July and breakout continuation has a measured move to $120 with both MACD and RSI coiled in mid-range trends and neither overbought yet. HZNP has seen a lot of bullish flows recently including buyers in the November $115 calls and sellers in the February $85 puts. The October $115 calls with over 4,500 in open interest from buyers on 8/23 and 8/24 and pricing about a 40% discount from the initial buys. HZNP has longer-dated flows in the January 2022 and January 2023 options.

Trade to Consider: Long the HZNP November $115 Calls for $5.50 Debit or Better