Someone bet big in the options market that Puma Biotechnology would be a winner in the days before a positive drug trial sent its stock soaring.
Whether the trading on July 15 is suspicious or not, the report showing a Puma drug's success against breast cancer in a late stage study clearly surprised some Wall Street analysts. Stifel reportedly had predicted a "grim" outlook for the drug, called neratinib, and Cowen said the report showed suprisingly positive data.
"It could be a biotech fund taking that big shot. The timing's great though," said OptionsMonster co-founder Jon Najarian, who pointed out options activity and called it "fishy." The stock was trading at $216 at mid-morning Wednesday, up 159 points or 242 percent. (Click here for the latest price.)