Bullish Bet on Charles River Labs

Shares of Charles River Labs (NYSE: CRL) have been pounded lower over the past few months, falling from $41 to its current trade price of $32.39, but one trader is betting on a rise in the name over the short term.

The May $35 call was purchased 1,000 times on the offer a short while ago. Open interest on the strike was only 528, which signals new, opening positioning. This trade pushed call volume in the name to 3x its daily average.

Charles River Labs is a global provider of solutions that advance the drug discovery and development process, including research models and associated services, and outsourced pre-clinical services