Cameco Shares Hot, Could Burn Even Brighter Ahead

Shares of Cameco Corp CCJ Thursday jumped more than 9% to close at $27.12 on rising uranium prices amid the Russia-Ukraine tensions.

On CNBC's "Options Action," Mike Khouw of Optimize Advisors said the stock is trading more than 2.5 times its average daily call volumes.

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“People following this space will know that there was an announcement today that Caxton had taken a $250 million incremental position in the uranium ETF,” he added.

There were buyers of 4,500 of the May 25 calls for an average price of $4.05 per contract, Khouw mentioned. Buyers of those calls are betting that Cameco will rise by at least 7% by May expiration, he said.