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Large Volume Call Spread on SLNO Nets Early 5.6% Gain—A Bullish Move?
Soleno Therapeutics (SLNO) just caught options traders' attention with a notable call spread: 1,000 contracts traded at a VWAP price of $8.00, putting more than $400,000 in play on a near-term bullish wager. By 10:45 am, the spread was marking an average gain of $0.45 per contract—or 5.6%—as SLNO shares climbed from $66.86 to $67.20.
Trade Snapshot: $400K for a Potential $350K Gain
This options play is centered on a 55/70 call spread expiring November 21, 2025. For buyers, maximum profit is realized if SLNO closes above $70 at expiration. With 17 days to expiry, here’s a concise breakdown of the trade details:
| Expiration | Strike Prices | Contracts | Trade VWAP | Current Spread | Gain per Spread | % Gain |
|---|---|---|---|---|---|---|
| 21-Nov-25 | 55 / 70 (Call Spread) | 1,000 | $8.00 | $8.45 | $0.45 | 5.6% |
Reference price for the stock at time of trade was $66.86. To hit full profit, SLNO shares need to be above $70 on expiration. For a closer look at this multi-leg strategy, check out the multi-leg trade analyzer.
Trade Insights: Aggressive Positioning Ahead of Expiry
Buying this spread cost over $400,000, with a potential max payout near $350,000 if SLNO breaks through $70. With just over two weeks to expiration, the buyers are looking for an outsized, quick upside move. The current in-the-money position is already delivering profits, fueled by a $0.34 advance in SLNO shares from the reference price.
Stock Technicals Signal an Uptrend—Momentum Shifting?
SLNO’s current price is $67.20, up $1.55 on the day (+2.36%). The technical setup looks favorable:
- All major moving averages are rising—20-, 50-, and 250-day lines all positive.
- Short-term breakouts: SLNO is now above both the 20-day (+1.9%) and 50-day (+5.5%) averages.
- Price has jumped 61.9% off its 52-week low, although still 25.6% below the year’s high.
- Momentum has turned upward over the last two weeks, outperforming the S&P 500 (+2.7% vs. +1.1%).
- The stock has pierced daily resistance ($68.10) but sits just under it at $67.20—further breakout would be significant.
SLNO vs. SPY: Mixed Short-Term, Long-Term Outperformance
| Duration | SLNO Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +2.4% | 64.01 | 67.30 | -0.7% |
| 2 Week | +2.7% | 63.47 | 72.80 | +1.1% |
| 1 Month | +13.5% | 58.28 | 72.88 | +1.4% |
| 3 Month | -21.9% | 48.91 | 87.19 | +9.5% |
| 6 Month | -10.7% | 48.91 | 90.32 | +20.4% |
| 1 Year | +20.3% | 41.50 | 90.32 | +20.1% |
| YTD | +49.5% | 41.50 | 90.32 | +16.7% |
| 3 Year | +6488.2% | 0.85 | 90.32 | +88.5% |
| 5 Year | +151.7% | 0.85 | 90.32 | +111.7% |
Key takeaway: Despite volatility and short-term weakness, SLNO’s longer-term uptrend and recent price recovery have attracted bullish strategies like today’s call spread.
Option Skew and Sentiment Remain Bullish
The proprietary Market Chameleon skew indicator currently sits at an 87% rank—a sign that the forward-looking option market is bullish. A higher skew rank signals traders expect potential outperformance or higher upside volatility over the coming month. Historically, a reading near this level is rare and typically reserved for stocks facing a strong near-term catalyst or momentum shift.
For those tracking further call spreads or looking for additional multi-leg trades in SLNO or other tickers, visit the multi-leg trade screener for updated ideas.
Takeaway: Watch for a Move Toward $70 as Bullish Forces Align
Between a $400K+ call spread wager, favorable technicals, and a high bullish skew indicator, market signals on SLNO suggest momentum is building. While it will take a further run to clear $70 for maximum payoff, this trade underlines growing confidence in a near-term upside breakout. Will SLNO maintain its uptrend and reward this bold bet—or is volatility about to take center stage?
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Disclosure: This article was generated with the assistance of AI