Huge Call Volume on King Pharma (KG)

Shares of King Pharmaceuticals Inc.

are higher on the session by 3.54%, currently trading $8.77. The stock has been dropping sharply as of late and is trading far below the 50-day and 200-day moving averages now. One trader is betting that the stock makes a move higher from here with the June $10 call option purchased 5,882 times on open interest of only 312 contracts. The July $10 call was also purchased 1,900 times on open interest of 539 contracts. Call volume is running at an extreme 27.08x the daily norm with the vast majority of all calls traded being purchases on the offer. King Pharmaceuticals, Inc. is a vertically integrated pharmaceutical company that performs basic research and develops, manufactures, markets and sells branded prescription pharmaceutical products and animal health products.