Biopharmaceutical company Synta is seeing some unusual options activity a week before presenting at a major industry conference.
OptionMonster's tracking systems picked up a large trade Friday that included the purchase of 3,131 May 12.50 calls and the sale of 3,073 May 7.50 puts for $3.60. SNTA has been steadily rising, especially in the last few weeks, and popped 6.28 percent Friday to $8.80 at roughly double its lows of December.
Pharmaceutical stocks have been particularly active recently as the industry undergoes consolidation, and SNTA already has a strategic relationship with Swiss drug giant Roche. With a $288 million market cap, Synta could be gobbled up in a single bite.
Another potential catalyst for the stock could be the BIO CEO & Investor Conference next week in New York. Synta Pharmaceuticals is scheduled to present at the conference on Monday, Feb. 9.
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.