Calls Purchased as Somaxon Pharmaceuticals Pops (SOMX)

Shares of Somaxon Pharmaceuticals

are higher on the session by 5.88%, currently trading at $2.95. The stock has been moving largely lower over the past six months and is currently trading below the 200-day moving average. Options traders are buying calls on the name today. A short while ago the April 2011 $3.00 call was purchased 3,000 times, on the offer, on open interest of 4,926 contracts. Overall call volume is now running at 2.05x the daily average with 87% of all calls traded being purchases on the offer. Somaxon Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the in-licensing and development of product candidates for the treatment of diseases and disorders in the central nervous system therapeutic area.