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• Ziopharm bulls look for explosive move
• Limited upside seen in new Kraft Foods

• AMRN 67% Rate It

One investor apparently thinks that Amarin is heading back to its old highs.

optionMONSTER's Heat Seeker monitoring system detected the purchase of 12,500 March 16 calls for $1.96. Equal numbers of contracts were also sold at in the March 8 puts for $0.89 and the March 19 calls for $1.14. Volume was more than double open interest at all three strikes, so this is new positioning.

The investor collected a credit of $0.07 and stands to earn an additional credit of $3 if the drug developer closes at or above $19 on expiration. That's less than $1 below its previous all-time highs from the middle of 2011.

AMRN fell 0.76 percent to $12.48 yesterday. The stock lost almost two-thirds of its value in the second half of last year after its big run-up but has been regaining its ground since January.

It gapped higher in June after the U.S. Patent and Trademark Office indicated that it would issue favorable decisions for the company's key AMR101 heart-drug compound. The shares have been consolidating in a range since then while making higher lows and staying above their 200-day moving average. Some traders might consider this as evidence that the shares remain in a bullish uptrend.

AMRN's total option volume was almost 5 times greater than average in Monday's session, according to Heat Seeker.

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