Onyx Pharmaceuticals has been running, and one investor is
looking for gains to accelerate this week.
optionMONSTER's Heat Seeker tracking program detected the purchase
of 1,500 September 80 calls for $3 and the sale of 1,000 September
77.50 calls for $4.85. Volume was below open interest in the
77.50s, indicating that an existing long position was closed and
rolled to the higher strike.
The move is noteworthy because it increased the number of
in the position, which will provide additional leverage in the
event of a sharp move into expiration this Friday. The trader also
collected a credit of $35,000. (See our
ONXX is up 1.77 percent to $82.70 in late morning trading and is
now at its highest prices ever. The stock has more than doubled in
the last six months, with much of that move coming on June 21 after
a Food and Drug Administration advisory panel voted in favor of
approving its carfilzomib blood-cancer treatment.
Overall option volume is quadruple the daily average so far today,
with calls outnumbering puts by more than 2 to 1.
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