Genzyme (GENZ) trader takes a bullish bet as shares trade for $55 Tuesday, and the trade was done twice, 2,500 contracts each. In this trade, the strategist sold April $47.50 puts at 65 cents and bought the April $60 calls at $1.05 in bullish risk reversals. Shares were hanging around the 200 day EMA and are breaking out of a bullish flag today, and also out of a longer term downtrend. Earnings are scheduled for 2/17 and large cap Biotech stocks have done well so far this earnings season with Gilead (GILD) and Amgen (AMGN) reporting solid forecasts. Genzyme has a PDUFA date set for June 17th for Lumizyme in Pompe disease. This trader may be looking for an early response from the FDA or is just playing the technical strength.
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Genzyme (GENZ) $56.67 +1.81%
Posted on February 3rd, 2010 9:40 am
by jkunkle in All Stocks
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1 user commented on " Genzyme (GENZ) $56.67 +1.81% "
Follow-up comment rss or Leave a TrackbackThanks Joe. Interesting. Something in July might make sense, maybe a backspread if this stock is expected to make a big move by mid-June.
For more from Joe Kunkle.
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