Option traders are getting a dose of gains today on upside positions in Merck (MRK).
On Nov. 7, Market Rebellion’s Unusual Option Activity Service identified significant bullish call buying, with 6,000 14November 90 calls bought in mostly one order for $0.13-$0.14 above the existing open interest of 423 contracts, with MRK shares trading at $85.82-$85.95.
Those 14November 90 calls traded as high as $4.56 today with the stock at $94.53, delivering extraordinary returns of approximately 3277.78% from the initial midpoint entry price of $0.135. Meanwhile, MRK shares gained approximately 10.06% from their initial midpoint trading level around $85.89, demonstrating how options can deliver dramatically amplified returns compared to simply owning the underlying stock.
This performance illustrates the exceptional power of options leverage when the directional thesis proves correct, though it’s important to note that this same leverage can work against traders when market moves go in the opposite direction.
Breakthrough Clinical Trial Data Drives Explosive Rally
The primary catalyst driving MRK’s explosive move came just two days after the unusual call buying activity, with the first presentation of results from the pivotal Phase 3 CORALreef Lipids trial on November 9, 2025, demonstrating that treatment with enlicitide decanoate resulted in a statistically significant and clinically meaningful reduction in low-density lipoprotein cholesterol (LDL-C) of 55.8%, with a post-hoc reanalysis showing an even greater reduction of 59.7% compared to placebo at week 24. These late-breaking results were presented at the American Heart Association Scientific Sessions 2025.
Simultaneously, results from the Phase 3 CORALreef HeFH trial demonstrated that enlicitide resulted in a statistically significant and clinically meaningful reduction in LDL-C of 59.4% compared to placebo at week 24 in adults with heterozygous familial hypercholesterolemia, with data published in the Journal of the American Medical Association. The dual announcement of blockbuster trial results validated enlicitide’s potential as the first oral PCSK9 inhibitor, a breakthrough that could transform cardiovascular disease treatment.
First-In-Class Oral PCSK9 Inhibitor Represents Major Innovation
Enlicitide has the potential to be the first FDA approved oral PCSK9 inhibitor, designed to lower LDL-C via the same biological mechanism as currently approved monoclonal antibody, injectable PCSK9 inhibitors but in a daily pill form. The convenience of an oral formulation addresses a critical market need, as current PCSK9 inhibitors require injections that limit patient adoption and adherence.
In the CORALreef Lipids trial, 67.5% of patients treated with enlicitide achieved the stringent target of at least a 50% reduction in LDL-C and an LDL-C level below 55 mg/dL, compared to just 1.2% in the placebo group. This dramatic efficacy difference demonstrates enlicitide’s potential to address the significant unmet need in cardiovascular disease prevention, particularly for high-risk patients who cannot tolerate or achieve goals with existing therapies.
Massive Acquisition Amplifies Growth Trajectory
Adding further momentum to the rally, Merck announced today that the company has entered into a definitive agreement to acquire Cidara Therapeutics for $221.50 per share in cash, for a total transaction value of approximately $9.2 billion. CEO Robert M. Davis stated the acquisition augments Merck’s pipeline with CD388, a potentially first-in-class, long-acting antiviral designed to prevent influenza in individuals at higher risk of complications, and that CD388 has the potential to be another important driver of growth through the next decade.
MRK was last higher on the session by 1.76% at $94.57.
