CYPB's volume was heavier than normal, with more than 636,500 shares changing hands versus a daily average of about 572,000 during a slow holiday week for the rest of the market.

At the same time, nearly 8,000 puts traded at the January 5 strike--which makes me suspect that this might be a buy-stock/buy-put situation, otherwise known as a "synthetic call."

Two big blocks traded, one of 1,683 contracts and another of 4,703, at $0.63 and $0.75 respectively while the stock was up on the day, according to OptionMonster's systems, which track unusual options activity. (Hmm, buying puts and the stock rallies...) Also, volatility is exploding in CYPB, as median volatility was 75 but rose beyond 220 in the last few days.

The stock spiked late Monday and yesterday after the company reported positive results for an experimental drug to treat fibromyalgia. CYPB, which was trading near $5 earlier this month, closed yesterday at $6.44.