Markets

Call buyers look for Celgene to turn around

Traders are making a big short-term bet Friday on Celgene Corp. ( CELG ). So far, 2,747 contracts of the May 80 call have changed hands, against open interest of 961. Prices on today's trades have tracked the high side of the bid-ask spread, indicating that these new contracts were initiated from the buy side.

InvestorsKeyhole Trade Alert

IK-> The technicals for CELG ($78.95 down $1.05) are bearish with a downward trend. The stock is below recent support. Look at the June 65/70 bull-put spread for a 20-cent credit. That's a 4.2% return and the stock has to fall by 11.3% to cause a problem. [InvestorsKeyhole, various news and data services]

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Originally published on InvestorsObserver.com


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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