Earlier today, shares of Achillion Pharmaceutical (ACHN) are trading down.14 to $8.50.? ACHN has recently traded as low as $7 in the last three months.
Paper bought the ACHN Jan 10 calls and sold the Mar 12 calls for even money.? The volume for the block was 3,600 contracts on both strikes.? Average contract volume is at 1,580 contracts per day.? Open interest is over 4,000 contracts on the Mar 12 call strike, but this trade went up as a spread.? The implied volatility is up over 9% today in January. This looks to be opening, very bullish paper or rolling down to a spread closer to the at-the-money calls.
30-day implied volatility is 83%.?? 10-day implied volatility is 32%.? 30-day implied volatility is trading way over the 10-day historical volatility suggesting some activity is expected in the Jan cycle.
Achillion Pharmaceuticals, Inc. (ACHN) is a biopharmaceutical company focused on the discovery, development and commercialization of treatments for infectious diseases