Somaxon Pharmaceuticals (SOMX), a San Diego-based drug manufacturer, is up 35.3 percent to $4.54 after announcing a joint promotion agreement with PG for the company’s Silenor insomnia treatment. Meanwhile, options volume is 107X the average daily, with about 25,000 calls and 1,775 puts traded so far. Much of the action looks like premium selling. For example, the top two trades are blocks of 3,802 and 3,801 Feb 7.5 calls at 55 and 50 cents when bid-ask was 50 to 65 cents. Meanwhile, implied volatility has eased a bit (-2 percent), but remains elevated at 103.