Medivation has already made a big move, but the bulls are looking for more.
Back on May 29, OptionMonster's trade scanners detected buying in the July 50 calls for $3.50. The investor rolled a long position in those contracts yesterday, selling 2,250 contracts for $5.25 and buying an equal number of August 55 calls for $5.85.
Calls lock in the price where shares can be purchased in the drug developer, letting investors cheaply position for a move higher. Adjusting the trade cost $0.60 and gives him or her an additional month of upside exposure.