Calls have become a popular choice on Medivation, Inc. (NASDAQ:MDVN - 50.87) lately, according to data from the major options exchanges. During the past five sessions, speculators on the International Securities Exchange (ISE) and Chicago Board Options Exchange (CBOE) bought to open 4,796 calls on MDVN, compared to just 123 puts. In other words, options players on the ISE and CBOE have picked up 38.99 times more bullish bets than bearish during the last week.

From a broader perspective, MDVN now sports a 10-day call/put volume ratio of 30.14, based on buy-to-open stats from the ISE, CBOE, and NASDAQ OMX PHLX (PHLX). This ratio registers in the 96th percentile of its annual range, signaling a near-peak of optimistically slanted option volume on the biotech stock.

MDVN has gained an impressive 117.5% so far in 2012, and the stock remains perched above support at its 10-week and 32-week moving averages. These trendlines have underlined the equity's rise for over a year, with MDVN notching just one weekly close beneath the duo in the intervening months.