Unusual activity arose in Vivus

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[VVUS  Loading...      ()   ] before its announcement Thursday regarding FDA approval, OptionMonster.com co-founder Jon Najarian said.

“We showed thousands of options trading on Tuesday,” he said. “It’s one of those where I wish I had some.”

Najarian said that the options volume did not cross the threshold of what he was looking for.

Ahead of the Vivus announcement, 2,000 March $15 calls sold for 90 cents, 975 June $10 calls for $3.60 and 975 June $16 calls for $1.60, according to Najarian.

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CEO Leland Wilson told “Fast Money” host Scott Wapner he was “optimistic” that the drug would be approved and would be targeting April 17 for a final FDA decision.

Wilson said Wednesday’s 20-2 vote by a panel of outside advisors to recommend approval of Vivus’s anti-obesity drug, Qnexa, was a “major hurdle.”

He also said the company could survive without the drug, which he called “a game changer.”

“This is not a complete slam dunk,” said trader Pete Najarian. “It’s more like a layup.”

Athough FDA approval was likely, he said, it was not a sure thing.

Vivus stock traded at $19.73 per share midday, up 87 percent.

Michael King, Rodman & Renshaw managing director, upgraded the stock and estimated 2020 sales in the United States at $3 billion and foreign sales at $1.8 billion.

King called the panel’s recommendation a powerful catalyst.

“If the FDA really wanted the panel to determine whether preapproval cardiovascular safety study was necessary or not, they would’ve made it a voting question,” he said. “They specifically did not. In my mind, the FDA has already decided.”

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Trader disclosure: On Feb. 23, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: P. Najarian is long AAPL; P. Najarian is long C; P. Najarian is long YHOO; P. Najarian is long MSFT; P. Najarian is long SCCO; P. Najarian is long SLV calls; P. Najarian is long PG calls; P. Najarian is long HPQ; J. Najarian is long AAPL call spreads; J. Najarian is long INTC call spreads; J. Najarian is long MSFT call spreads; J. Najarian is long SLV call spreads;

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