Walgreens Boots Alliance Inc.   (WBA) - Get Report has made a strong comeback this month, returning huge profits on upside options positions. 

On July 3, Investitute's tracking systems showed that 2,000 Weekly $61.50 calls expiring on July 27 were purchased for $1.33 as part of a complex bullish spread with shares at $60.90. That was clearly a new position, as open interest in the strike was a mere 12 contracts before the trade occurred.

These investors were likely purchasing calls while also selling puts, to effectively draw their line-in-the-sand as to where they believed the stock of WBA would trade at a low point, and position themselves for an expected retrace of its higher prices.

Those 27July $61.50 calls sold for $6.60 on July 27, the day of their expiration, which was five times their purchase price. The stock rose 12.27% in the time frame, underscoring how quickly options can far outperform their underlying shares.

Walgreens Boots Alliance was up 0.84% today at $69.42. The drugstore chain's shares plunged after quarterly results in late June but have rebounded sharply along with large stock purchases by the company's CEO, according to Investitute co-founder Pete Najarian.

Long calls lock in the price where investors can buy a stock, letting them position for a rally at limited cost with the potential for significant leverage. They carry less risk than owning shares because the most that can be lost is the price of the options no matter how far the stock might fall.