Biogen Inc (NASDAQ:BIIB) traded sharply higher on Tuesday on better than expected earnings and positive news about its Alzheimer's drug. The company surprised investors by revealing that it will seek the regulatory approval of its Alzheimer's treatment.
Jon Najarian noticed some unusual options activity in the name after the sharp move higher. He said on CNBC's "Fast Money Halftime Report" that options traders were selling the October $300 calls in Biogen. Around 5,000 contracts were sold in the first half of the session on Tuesday as traders were betting that the stock won't continue to move higher, above $300.
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