The long calls lock in an entry price of $65 on the shares and could therefore generate some big gains if the stock rallies. But if it doesn't, the options will expire worthless.
Analysts have already weighed in: Avondale expects a expects a rally to $70 and Piper Jaffray has a strong outlook, while Raymond James is more cautious.
AthenaHealth ended the day off 0.07 percent at $59.89, but has been running higher since trading near $40 in June. AthenaHealth is a business-services company that provides billing and other services to medical practices.
Even though Tuesday's activity was relatively small, it was still enough to push total volume in the name to 5 times its daily average.
— Najarian has no positions in ATHN.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.