Astex Options Volume Spikes

ASTX – Astex Pharmaceuticals Inc. –  Options volume on Astex Pharmaceuticals is soaring on Wednesday afternoon following a story in the Nikkei newspaper that said Otsuka Holdings Co., Ltd. has agreed to acquire Astex for JPY 90 billion. Shares in ASTX rallied as much as 40% this afternoon to a multi-year high of $9.39 and sent options volume on the name up above 23,000 contracts by 3:10 p.m. ET versus the stock’s average daily volume of around 3,600 contracts. Options volume is most heavily concentrated in the September expiry contracts. Buyers appear to be stepping in to buy both the Sep $8.0 strike call and put options, which have traded roughly 2,300 and 4,000 times each, respectively, as of the time of this writing. Substantial volume is also building in the $9.0 strike calls expiring in September and October, with volumes topping 3,400 and 2,400 contracts in each case. Shares in ASTX are currently off the highest levels of the day, up 24% at $8.29.  TPX – Tempur Sealy International Inc. –  Trading traffic in options on mattress maker Tempur Sealy International suggests options players are looking for the price of the underlying to edge higher during the next couple of weeks. Shares in the name are up 4.6% right now to stand at $41.58, and earlier traded up to $42.57, the highest level since July 25 th . The most traded contracts on TPX today are the Sep $43 strike calls, with more than 2,900 contracts exchanged versus open interest of 375 contracts. Time and sales data suggests most of the call options were purchased for an average premium of $0.97 each, though the bulk of the volume – close to 2,000 lots – were picked up by one market participant at a premium of $1.00 apiece. Sep $43 strike calls purchased at $1.00 per contract may be profitable at expiration if shares in Tempur Sealy rally 5.8% over the current price of $41.58 to top the breakeven point at $44.00.  …

ASTX – Astex Pharmaceuticals Inc. – Options volume on Astex Pharmaceuticals is soaring on Wednesday afternoon following a story in the Nikkei newspaper that said Otsuka Holdings Co., Ltd. has agreed to acquire Astex for JPY 90 billion. Shares in ASTX rallied as much as 40% this afternoon to a multi-year high of $9.39 and sent options volume on the name up above 23,000 contracts by 3:10 p.m. ET versus the stock’s average daily volume of around 3,600 contracts. Options volume is most heavily concentrated in the September expiry contracts. Buyers appear to be stepping in to buy both the Sep $8.0 strike call and put options, which have traded roughly 2,300 and 4,000 times each, respectively, as of the time of this writing. Substantial volume is also building in the $9.0 strike calls expiring in September and October, with volumes topping 3,400 and 2,400 contracts in each case. Shares in ASTX are currently off the highest levels of the day, up 24% at $8.29. 

TPX – Tempur Sealy International Inc. – Trading traffic in options on mattress maker Tempur Sealy International suggests options players are looking for the price of the underlying to edge higher during the next couple of weeks. Shares in the name are up 4.6% right now to stand at $41.58, and earlier traded up to $42.57, the highest level since July 25th. The most traded contracts on TPX today are the Sep $43 strike calls, with more than 2,900 contracts exchanged versus open interest of 375 contracts. Time and sales data suggests most of the call options were purchased for an average premium of $0.97 each, though the bulk of the volume – close to 2,000 lots – were picked up by one market participant at a premium of $1.00 apiece. Sep $43 strike calls purchased at $1.00 per contract may be profitable at expiration if shares in Tempur Sealy rally 5.8% over the current price of $41.58 to top the breakeven point at $44.00. 


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