Market News

December 9, 2011  Fri 12:21 PM CT

The bulls are hooked on Questcor Pharmaceuticals, which hit a new all-time high today.

optionMONSTER's Heat Seeker monitoring system detected the purchase of about 1,600 December 46 calls for $0.80. Volume was more than 39 times open interest in the strike.

QCOR is up 6.3 percent to $45.19 in afternoon trading and has more than tripled so far this year. It's been ripping higher amid growth for its Acthar drug, which is used to treat multiple sclerosis in adults and infantile spasms in babies. Earnings and revenue both beat expectations the last time it issued results on Oct. 25.

The stock spent about 1-1/2 months consolidating after that report, and today's activity suggests that investors expect it to continue higher.

Overall option volume in QCOR is 6 times greater than average so far today, with calls outnumbering puts by 15 to 1, according to the Heat Seeker.
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