Options Update: Marvell (MRVL) & Onyx Pharma (ONXX)
Marvell (MRVL)
MRVL call volume and volatility elevated into EPS and renewed buyout chatter.
MRVL is scheduled to report Q4 EPS on March 6.
MRVL has been frequently mentioned in the past as a potential buyout candidate of Tokyo Electron.
MRVL, a manufacturer of chips for hard disk drives and networking gear, is recently up $.40 to $10.85.
MRVL call option volume of 38,815 contracts compares to put volume of 2,123 contracts.
MRVL March option implied volatility of 78 is above its 26-week average of 47, indicating larger price movement.
Onyx Pharma (ONXX)
ONXX puts active; volatility flat after sharp two-day sell off.
ONXX is recently is down $1.80 to $31.33.
On Feb 19 ONXX and its partner Bayer announced it was halting Phase 3 trials of Nexavar (lung cancer treatment). Leerink Swann says, "Lowering 12-month valuation from $60 to $40 by removing lung cancer revenues."
ONXX call option volume of 17,798 contracts compares to put volume of 32,399 contracts.
ONXX April option implied volatility of 58 is near its 6-month average of 57, suggesting non-directional price movement.
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About Paul Foster
Paul Foster is a former member of the Chicago Board Options Exchange with 21-years of professional experience in the capital markets, investments, trading, corporate finance, arbitrage, options and mergers & acquisitions. His writing about the options market has appeared in a wide variety of publications.
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