Why Endocyte, Inc. Stock Briefly Spiked Today
Shares of the clinical-stage biotech Endocyte (NASDAQ: ECYT) briefly rose by as much as 16% Monday on more than double the average daily volume. The catalyst? Investors appear to have noticed a flurry of activity in the January 2018 option chain for both Endocyte's out-of-the-money Calls and Puts, implying that the stock may be gearing up for a sizable move.
As this activity wasn't accompanied by a material event, though investors -- or more likely day traders -- have since sold this "news." Endocyte's shares are currently down by 5.57% as of 3:30 p.m. EDT as a result.
Image source: Getty Images.
Source: Fool.com