Upside Purchased on Onyx Pharmaceuticals (ONXX)
October 01, 2010 10:08 AM
Shares of Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) are lower on the session by 0.45%, currently trading at $26.26. The stock has been moving largely higher over the past three months, off of a recent low near $19.85.
Options traders are buying calls on the name, betting shares can run higher. A short while ago the January 2012 $30.00 call was purchased 1,000 times, on the offer, for $3.90. Open interest on the strike is 2,552 contracts.
Call volume is now running at 2.5x the daily average, 96% on the offer.
Onyx Pharmaceuticals, Inc. is a biopharmaceutical company engaged in developing therapies that target the molecular mechanisms that cause cancer. With the company's collaborator, Bayer HealthCare Pharmaceuticals, the company is developing and commercializing anticancer therapies.
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