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March 27, 2013  Wed 9:57 AM CT

AMRN: SEE CHART GET CHAIN FIND STRATEGIES
Shares of Amarin bounced off a 52-week low this morning, but one trader is selling the upside.

The June 11 calls dominate the options trade. Our data systems show that a trader sold 5,000 of those calls for $0.18. The volume is twice the open interest, so this is a new position. The call selling is well out of the money, so it could be done naked with an initial bearish bias.

The naked short call has a negative delta, but can make a profit with shares anywhere below $11 at expiration. (See our Education Section.) It is also possible that the calls were sold against long shares as a covered call. That would be bullish up to the strike, but not beyond.

AMRN rose 1.94 percent to $7.10 in morning trading after hitting a 52-week low $6.77 earlier in the session. Shares were above $12 in early December before gapping down.
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