Call sellers hitting Celgene at highs
Chris McKhann | email@example.com
CELG trades at 63.11, down 0.4 percent. The biopharmaceutical company's stock hit a 52-week high of $65.86 on Sept. 20, which is resistance going back for at least three years. Shares have been on the rise since plunging to support at $52 in early August.
More than 5,000 November 65 calls were sold today against open interest of 1,259 contracts, according to optionMONSTER's systems. The largest block of 3,127 went for the bid price of $2.15.
We have seen a considerable amount of call selling in institutional size the last two days. It appears that traders are trying to capture high volatility premiums but don't see equities continuing the current rally.