Just after the opening bell on Monday, the FDA announced its approval of Biogen's new Alzheimer's drug, Aduhelm.
Trading was halted several times as the news shot Biogen shares off like a rocket, gaining 63.5% in just under three hours.
Biogen's bullish momentum helped spark a rally across the sector as shares of Eli Lilly and Co. jumped 10% to a record high while Cassava Sciences surged over 9%.
This is the first new Alzheimer's drug to be approved in almost two decades, and Wall Street was monitoring the progress closely.
Not only were shares pricey, but Biogen's bullish momentum and implied volatility (IV) around the unknown event meant its options chain was ridiculously expensive…
But a direct play on Biogen wasn't the only way for traders to get exposure to this blockbuster breakout event...
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