Savient Pharmaceuticals Spikes On Takeover Speculation (SVNT)

Shares Savient Pharmaceuticals Inc

are spiking this morning on renewed takeover speculation. The stock opened up slightly trading fairly flat until volume came in around the 12.55 level pushing the stock up to 12.81 on average volume. Option traders focused on the November OTM 20 calls, with nearly 1500 trading. The November 20 calls have an open interest of 20k contracts it is possible these trades are just closing of prior positions. Day's Range: 12.46 - 12.82 52wk Range: 10.43 - 23.46