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Friday, June 17, 2005

Live Action: Onyx Pharmaceuticals Inc (ONXX) calls

I just purchased some Onyx Pharmaceuticals Inc (ONXX) July 2005 $30 strike calls. There are rumours that Bayer may make a bid for Onyx Pharmaceuticals. Today, there is unusual options volume with July $30 options (calls volume: 2042, puts volume: 21) and August $30 options (calls volume: 1388, puts volume: 20).

The technical picture is also OK for ONXX, the resistance is at $27.77, shares are currently trading at $26.66.

The price for the calls was $0.75. There is a weekend coming, which is a little negative, because the options expirations comes closer without trading days ahead.

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