Premium Sample (posted Feb 24, 11:38 a.m.) Intermune (ITMN) is off 2 cents to $14.76 and March 30 calls, 7.5 puts are seeing interest. One player bought the bullish risk-reversal at 7.5 cents, 2900X. The trade is probably related to the company’s Mar 9 FDA panel review for pirfenidone. Recall that on Monday (see 12:54 color), volume surged and the action included a Mar 25 – 30 – 35 bullish call fly at 50 cents, 2000X. The focus on Mar 30 calls, today and Monday, seems to reflect expectations for a substantial percentage move before the March expiration. Indeed, implied vols are up anouther 3.5 percent to about 272.

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