There was a notable spike in activity on the May 15, 2026 $20 call options for LWLG, with roughly 3,000 contracts bought in the final 30 minutes of trading. This coincided with a sharp upward move in the stock price into the close.
The strike is significantly out-of-the-money, with the stock around $16.40, and expiry is very near-term. This makes it a highly aggressive, short-duration position. The total premium of around $170K is meaningful given the low probability of finishing in-the-money.
The timing of this flow is unusual. Taking a concentrated position in far out-of-the-money, near-dated calls right before the close can be perceived as suspicious, as it minimizes holding time and exposure. In some cases, this type of behavior is associated with traders positioning ahead of anticipated news or events.
However, this observation alone does not prove insider activity. It does indicate that someone is willing to take a high-conviction, time-sensitive position.
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