CinCor Pharma (CINC) unusual buy of 2000 August $25/$35 call spreads for $2.20 looking for a short-term large move, an $890M Biotech flagging nicely under key resistance. CINC will report initial topline BrigHtn results in August and topline data for Halo in 2H22 as a catalyst. CIN-107 in hypertension and other related diseases is its lead candidate with a substantial market opportunity of more than $2B revenues by 2035.

Viridian (VRDN) another Biotech with an unusual short-term upside call spread with 2000 August $15/$22.50 call spreads bought for $1.95 and shares with a similar bull flag pattern on the 21-MA. VRDN has a $389M market cap and trades 2.2X cash. Viridian is advancing monoclonal antibodies VRDN-001 and VRDN-002 for the treatment of thyroid eye disease and appears fairly de-risked since its candidates replicate the mechanism of an approved drug but with potentially more favorable underlying properties. This would compete with Horizon (HZNP) blockbuster Tepezza and HZNP shares very weak of late. VRDN should be posting topline Phase 1 data soon.