PM Stock: Unusual Options Flow Targets May and April Expirations as Philip Morris Trades Near $179

By TrendSpider Editor

PM market update based on latest unusual_options data.

PM Stock: Unusual Options Flow Targets May and April Expirations as Philip Morris Trades Near $179

Philip Morris International is drawing attention from options traders, with three unusual contracts flagged today spanning April and May 2026 expirations and a combined total premium of $200,700. PM shares are up 0.52% to $178.85 on the session, sitting comfortably within its 52-week range of $142.11 to $191.30. The stock remains closer to the top of that range, suggesting options activity is occurring near technically significant territory.

Key Drivers of the PM Stock Move

• Main Catalyst: Three unusual options contracts were flagged today across two expirations, with the largest single contract being a CALL at the $195 strike expiring April 17, 2026, carrying a size of 800 contracts, a premium of $92,000, and open interest at 242% above normal. Total unusual premium across all three contracts reached $200,700.
• Bull Case: Two of the three contracts are calls, including the high-volume $195 strike April call and a $180 strike May call with 99 contracts and a 900% open interest reading. The positioning in out-of-the-money calls suggests some traders are betting on a move higher from current levels toward and potentially beyond the 52-week high of $191.30.
• Bear Case: One of the flagged contracts is a put at the $200 strike expiring May 15, 2026, which is in-the-money relative to current price but still represents a bearish or hedging posture. While it is the smallest of the three by size at 10 contracts, its open interest reading of 1,000% above normal is the highest of the group, signaling unusually concentrated positioning at that strike.

The forward setup for PM is worth monitoring closely heading into the April and May expiration windows. The divergence between the bullish call flow and the anomalous in-the-money put suggests the market is not uniformly directional. With PM trading at $178.85 and the 52-week high at $191.30, the $195 call strike represents a meaningful distance from current price, making the 800-contract position a notable speculative bet. The $180 call expiring in May sits just above current price and could become a near-term gamma level if the stock makes any sustained move higher.

PM Unusual Options Activity

• Contract 1: CALL, $195 strike, expiring April 17, 2026 | Volume: 800 | Open Interest: 242% above normal | Status: OTM
• Contract 2: CALL, $180 strike, expiring May 15, 2026 | Volume: 99 | Open Interest: 900% above normal | Status: OTM
• Contract 3: PUT, $200 strike, expiring May 15, 2026 | Volume: 10 | Open Interest: 1,000% above normal | Status: ITM

A total of 3 unusual contracts were flagged today with a combined premium of $200,700. Call contracts account for 2 of the 3 flagged positions. The highest open interest reading belongs to the in-the-money put at 1,000%, while the largest position by contract size is the $195 April call at 800 contracts.

PM Seasonality

Early March has historically marked a period of accumulation for tobacco and consumer staples names as institutional portfolio positioning begins ahead of Q1 earnings season. Options flow targeting April and May expirations is consistent with traders positioning ahead of Philip Morris's next earnings catalyst.

PM Relative Performance

Philip Morris is trading at $178.85, representing a gain of 0.52% on the session. The stock sits approximately 25.8% above its 52-week low of $142.11 and roughly 6.5% below its 52-week high of $191.30, indicating it has retained the bulk of its annual gains while leaving room to the upside, a setup that likely supports the bullish call positioning captured in today's options flow.