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Celldex Therapeutics, Inc. (CLDX) call options are in demand
Celldex Therapeutics, Inc. (NASDAQ:CLDX) is up 13.1% at $23.99, after the U.S. Food and Drug Administration (FDA) granted the company's tumor-targeting drug, rindopepimut, breakthrough therapy status. This news -- as well as the company's earnings report, due for release tomorrow before the open -- has CLDX's speculators rushing to make bets, as overall volume is at seven times the normal mid-morning pace. Additionally, calls are seeing heavy action, outpacing puts by a nearly six-to-one rate.
The equity's March 25 call has seen the most activity, with some traders buying to open the option. These speculators are looking for CLDX to extend its rally beyond $25 before the contracts expire at the close on Friday, March 20. For the record, CLDX's intraday high stands at $25.78.
Elsewhere, analyst sentiment is wholly bullish. All seven brokerage firms covering the shares call them a "strong buy." What's more, CLDX's average 12-month price target of $33.11 represents a 38% premium to current levels.
Celldex Therapeutics, Inc. (NASDAQ:CLDX) has been making moves on the charts in 2015. Since the start of the year, the security has added 31.5%, and has outpaced the S&P 500 Index (SPX) by over 21 percentage points in the past two months.