A Large Options Bet on Sequenom
At least one large options trader is placing a major bet on the upside for genetic analysis company Sequenom.
Sequenom's options action topped the activity on our systems that track unusual volume, with 40,000 contracts trading as of late Friday afternoon against a 20-day average of 5,438. All of this volume is on the call side and came in a single trade.
SQNM is down 40 percent over the last month but is still above its November lows of $12.50. The stock closed at $14.63 Friday, down 2.73 percent on the day.
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Chris McKhann is a trader with OptionMonster.com.