Options traders zeroed in on three Russell 3000 components on Friday, August 21, 2026, with unusually heavy volume in Papa John’s International Inc. (PZZA), Comstock Resources Inc. (CRK), and Krystal Biotech Inc. (KRYS). The activity was concentrated in contracts expiring September 18, 2026, suggesting traders are positioning for potential moves into next month.
Papa John’s saw the most notable divergence from its normal trading pattern. With roughly 25,286 contracts traded by mid-afternoon, that represented about 2.5 million underlying shares — approximately 137% of the pizza chain’s average daily volume of 1.8 million shares over the past month. The bulk of the action was in the $22.50 strike put, with 16,033 contracts changing hands, representing roughly 1.6 million shares. That put strike sits below the stock’s recent trading range, which may indicate some investors are hedging against downside risk or speculating on a decline.
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Comstock Resources and Krystal Biotech Also Draw Heavy Interest
Comstock Resources, an independent natural gas producer, saw options volume of 28,274 contracts, representing approximately 2.8 million shares — about 133.8% of its average daily volume of 2.1 million shares. The standout was the $14 strike call expiring September 18, with 16,109 contracts traded. That strike is notably above the stock’s current price, suggesting some traders are betting on a rally over the next few weeks.
Krystal Biotech, a gene therapy company, saw 3,603 contracts traded, representing about 360,300 shares, or roughly 110% of its average daily volume of 327,490 shares. The most active contract was the $340 strike call for September 18, with 1,516 contracts traded. That strike is also above the stock’s recent price, indicating a bullish sentiment among some options buyers.
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What This Activity Signals for Investors
Unusual options volume can be a useful signal for investors, but it is not a definitive indicator of future price direction. Heavy trading in a particular strike often reflects institutional hedging, speculative positioning, or expectations around upcoming catalysts — such as earnings reports, FDA decisions, or commodity price moves. For Papa John’s, the heavy put volume could suggest some investors are concerned about the company’s near-term outlook, especially given the stock’s recent performance. Comstock’s call buying may reflect optimism about natural gas prices, while Krystal Biotech’s activity could be tied to clinical trial updates or analyst commentary.
For context, Papa John’s has been dealing with a challenging environment for restaurant chains, with rising labor and food costs pressuring margins. Comstock Resources, like other gas producers, has been sensitive to fluctuations in energy prices. Krystal Biotech, meanwhile, has been in focus as it advances its gene therapy pipeline, including treatments for skin conditions.
Traders who want to track these positions can monitor the open interest and volume for these specific contracts as the September 18 expiration approaches. As with any options activity, it’s important to consider the broader market context and the underlying fundamentals of each company.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Options trading involves significant risk and is not suitable for all investors. Market conditions are volatile, and past performance is not indicative of future results. Always conduct your own research or consult a licensed financial advisor before making investment decisions.
