LLY options: $47M premium turnover into 2026-08-14; largest line LLY280121P01200000 $982.6KLLY 期权异动：期权成交额约 $47M，到期 2026-08-14，最大合约 LLY280121P01200000 约 $982.6K
Options Flow Snapshot
On August 12, 2026, Eli Lilly (LLY) options showed elevated activity and extreme downside skew: total option volume reached 28,646 contracts, with total premium turnover of ~$47 million, equal to 2.5% of the underlying stock’s daily dollar volume. A total of 1,136 contracts were observed in the near-the-money window. The nearest expiration is August 14, 2026, with an ATM straddle implied move of 2.5%. Average near-the-money call implied volatility (IV) was 2.7%, while average put IV hit 45.8%, creating a 43.08 percentage-point put-call skew. The largest active contract was LLY280121P01200000: a $1,200 strike put expiring January 21, 2028, with 53 contracts traded and ~$982,600 in premium turnover. The call-to-put volume ratio was 1.69.
Signal Read-Through
This is a downside skew options flow signal, indicating market participants have significantly elevated pricing for near-term downside risk for LLY. While call volume outpaced put volume, the extreme IV skew shows downside risk is priced at a far higher premium than upside volatility. The overall option trading volume ranks as the second-most active across 30 tracked symbols over the prior three trading days.
Fundamental and Event Cross-Check
This options signal aligns with two independent public events: first, two Lilly executives sold 5,000 and 2,000 shares respectively on August 10 and 11, 2026, at $1,190 and $1,185.01 per share; second, Lilly publicly filed lawsuits against vendors selling unauthorized versions of its weight-loss drug retatrutide on August 12, 2026. Additionally, Lilly’s Q2 2026 earnings, released August 5, 2026, beat consensus estimates, with EPS of $8.38 vs. the $6.4 consensus forecast.
Follow-Up Markers
This signal only reflects real-time options market pricing and flow activity, and does not confirm actual large short positions or future stock price direction. Next items to monitor include pre-expiration open interest changes for the August 14, 2026, expiry options, as well as updates on Lilly’s retatrutide litigation or future earnings-related announcements.
期权成交结构
2026年8月12日，制药公司礼来(LLY)的期权市场呈现显著活跃成交与下行偏斜特征：当日总期权成交量达28646张合约，总权利金成交额约4700万美元，占当日股票成交额的2.5%；近价内期权窗口内共观测到1136张合约。最近到期日期权为2026年8月14日到期合约，ATM跨式组合隐含波动幅度为2.5%。看涨期权平均隐含波动率为2.7%，看跌期权平均隐含波动率达45.8%，看跌-看涨波动率偏差达43.08个百分点。当日最大成交合约为LLY280121P01200000，行权价1200美元，2028年1月21日到期，成交量53张，权利金成交额约98.26万美元，看涨/看跌期权成交量比为1.69。
信号含义
该信号属于下行偏斜的期权成交结构，显示市场参与者对礼来的短期下行风险定价显著抬升，尽管看涨期权成交量高于看跌期权，但看跌期权的隐含波动率远高于看涨期权，反映出市场对下行风险的定价远超上行弹性。整体期权成交规模处于近3个交易日内Top 2的活跃水平。
基本面与事件交叉验证
本次期权信号可与两个独立公开事件交叉验证：其一，2026年8月10日至11日，礼来两名高管分别减持5000股和2000股公司股票，减持价格分别为1190美元和1185.01美元；其二，2026年8月12日礼来公开起诉非法销售其减肥药物retatrutide的商家。此外，礼来于8月5日公布的二季度业绩超出市场预期，EPS达8.38美元，远超市场预期的6.4美元。
后续关注
本信号仅反映期权市场的即时定价与成交结构，无法证明实际的大额做空持仓或未来股价变动方向。后续可关注8月14日到期期权的到期前持仓变化，以及礼来后续的诉讼进展或业绩相关公告。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。