Bull looks for more gains in Celsion
David Russell | firstname.lastname@example.org
optionMONSTER's Heat Seeker monitoring program detected the sale of 5,000 January 7 calls for $1.15 and the purchase of an equal number of February 10 calls for $1.15. Volume was below open interest in the January options but not the February contracts, which indicates that an existing position was rolled from one strike to the other.
The investor was probably sitting on profits in the 7s and adjusted the position. The trader now has an additional month of exposure through long calls at a much higher strike. That reflects a belief that CLSN could rally dramatically between January and February expirations. (See our Education section)
CLSN is up 5.35 percent to $6.42 in early afternoon trading and has more than tripled in the last six months amid optimism toward its ThermoDox liver-cancer drug. Results of a Phase III trial will be released in January, and that timing could play into today's activity.
Total option volume is more than quadruple the daily average so far today, according to the Heat Seeker. Calls outnumbered puts by 4 to 1.