Seeing some very interesting options action going on in a spec Biotech name:
Source: LiveVol Pro
The stock has been trading in about a one point range since September-- it's currently at the bottom of the range and it's catching a bid today.
Today, we've seen 3800 calls traded so far versus an average volume of about 1500. 80% of them were bought on the ask, and the majority of them were on the May 7.5 Calls. So there is a trader that is putting down about 120k on a bet that PDLI will not only retake the high part of the channel by May expiration, but also that it will break above.
As this is a spec name, there may be some pending news, but I can find none. Any ideas?