IMAX shares rose 1.44 percent to close at $21.85, breaking above its 100-day moving average. The stock had been trading sideways for about two months until popping on Thursday after Credit Suisse initiated coverage of the name with a price target of $28.
Friday's call buyers are looking for the stock to gain roughly 13 percent by expiration. The premiums on those options could rise with any rally before then, allowing the traders to sell the calls at a profit earlier. However, if the options are not above the $24 strike price by mid-December, they will expire worthless.
Total option volume in the name was more than 14 times its daily average. Only 582 puts changed hands in the entire session, a reflection of the bullish sentiment.
—By CNBC Contributor Chris McKhann
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Chris McKhann is an analyst and writer for OptionMonster. McKhann has no positions in IMAX.