Endo Pharmaceuticals (ENDP) loses 73 cents to $37 and one strategist bought 4,000 Feb 35 calls for $2.65 and also bought 3,000 Feb 40 calls for 45 cents per contract. Both blocks look opening and were apparently tied to 359K shares at $36.90. Call buying in the biotech comes even after Jefferies today lowered their price target and first quarter EPS numbers on the stock. The company last released results on 10/27 and is expected to report again late-February, probably outisde of the Feb 18 expiration.
About the Author (Author Profile)
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.