Tuesday August 18, 09:56 PM
STOCKS NEWS US-Option players in Par Pharma eye gains
Stocks on the move
Real (Frankfurt: BJU.F - news) -time Equity news
U.S. stock market report
1635 ET 18Aug2009-Par Pharmaceuticals players target calls
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Shares of Par Pharmaceuticals Companies Inc notched a 52-week high
of $20.55 late in the session. Its shares closed at $19.79, up 13.15 percent
and some option players appeared to be looking for additional upside, said
WhatsTrading.com option strategist Frederic Ruffy. In all, about 10,000 calls
and 1,389 puts traded, 15 times the normal daily volume, Trade Alert data show.
Ruffy noted that buyers of the August and September $17.50 and $20 call
strikes led the flow. The stock's September option implied volatility was 81
percent, far above its 26-week average of 65 percent, according to Track Data,
suggesting larger price movement, said Paul Foster, option strategist at
theflyonthewall.com. It was not immediately clear what drove the share price
and option activity but on Monday, Caris raised Par's price target to $20 from
$17.
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