Celgene is set to soar in the next few days. At least that's what one big trader appears to think.
In a large trade Monday, one trader wagered over $324,000 that Celgene will rise over the next two weeks. Specifically, the trader purchased 2,774 125-strike calls at a price of 70 cents with an expiry on March 27. Just two minutes later, there was another purchase of roughly 2,600 124-strike calls priced at 50 cents and expiring a week from now. A call gives the right to purchase a stock at a given price on a set date.
The purchase may have something to do with the fact that Celgene will be presenting at the Barclays Capital Health Care Conference on Wednesday, according to CNBC contributor Mike Khouw.