Idenix Pharmaceuticals Inc (IDIX) $9.85 -2.28%
Idenix (IDIX) loses 27 cents to $9.81 and an investor apparently sells 8,000 July 7.5 puts on the biotech at 55 cents to buy 8,000 Jul 12.5 – 17.5 call spread for 90 cents. The three-way, for a 35 cent debit, saw interest yesterday as well, including 7,000 for 30 cents. 11,000 traded Thursday and OI indicates new positioning. Upside July 17.5 call buyers were also busy in IDIX Tuesday (see 5/22 color). Prior to today, the stock had recorded a four-day 24.75 percent rally on optimism for a settlement with Gilead in a patent case related to a Hepatisis C drug. BofA is out with a note this morning saying a settlement could translate into $6 per share in royalties.
Category: All Stocks, Pharmaceuticals & Biotechnology, Small Cap Stocks
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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.
