Savient (SVNT) dipped towards the $10 psyche level and was recently down $4 to $11.79 after the FDA said it can’t approve the company’s BLA for Krystexxa as a treatement for chronic gout. SVNT options volume is running 37X the expected for first 30 min, with 22K calls and 27K puts traded. Implied vols falling to 85, from about 107 late Friday (52-week low = 70).
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.