OSI Pharmaceuticals (OSIP, news, chart, volatility) shares rallied 14.8 percent, as investors reacted to news a Phase III trial of Tarceva showed improved progression-free survival as a first line therapy for advanced non-small cell lung cancer. Volume in the options market rose to ten times the usual, with 13,000 calls and 5,800 puts traded on the day. The top two trades: 4,090 December 45 calls traded for $1.90 and 4,090 November 45 calls for 85 cents. Both traded on the ISE at 13:21 ET. Open interest increased by more than 4,200 in both contracts. It appears (but it is not certain) to be part of a calendar spread, where the strategist bought the Decembers and sold the same number of Novembers. If so, the strategist might think that OSIP will stay below $45 over the next ten trading sessions and then start to climb heading into the December options expiration (39 days).