Oil royalties quietly building, biotech breaking out, and aerospace defense getting a fresh look
By Steve Strazza
May 12, 2026
This note highlights a select group of stocks showing the most unusual — and highly directional — options activity.
The goal is simple: follow the big money and trade in the direction of the underlying trend.
Here is the list of Unusual Options activity from May 12:
*Click to enlarge view
Permian Basin Royalty Trust $PBT — 3,000 contracts of the 9/18 $35 calls traded for $225K. This base dates back to the 1980s, and when something coils that long, the eventual move can be powerful. Someone is betting the resolution is higher.
Revolution Medicines $RVMD — 195 contracts of the 1/15/27 $195 calls traded for $466K. January 2027 isn’t a momentum trade — it’s a long-term thesis bet.
York Space Systems $YSS — 498 contracts of the 6/18 $45 calls traded for $100K despite the stock being down over the past month.
The key here is YSS still holding above its IPO VWAP — a level that often acts as institutional support. As long as it holds, this looks more like opportunity than warning.
