King Pharmaceuticals (KG, news, chart, volatility) is seeing 9 times normal trading volume, with most of the day’s trading concentrated in the November 10 calls. Implied volatility is up (to about 82 from 75 the day before) in KG ahead of an FDA Advisory Committee meeting next week. Cowen analysts said yesterday that they expect a ‘Yes’ vote on KG and Pain Therapeutics (PTIE) Remoxy on 11/13. They say positive reviews are critical for KG. Remoxy is an oxycodone gelatin capsule under developent with PTIE. Oxycodone is the active ingredient in OxyContin, a painkiller that with other generic oxycodone oral products generated annual sales of about $6 billion in 2007. IN the options market, more than 4,100of the November 10s have traded, but not all is bullish. At least 2,500 were bought and tied to a delta neutral trade on KG shares at $9.80.