Second Sight Medical Products (EYES) Data Lures Option Bulls

Second Sight Medical Products Inc (EYES) is up on successful trial results

Digital Content Group

Apr 8, 2015 at 2:43 PM

EYES

Second Sight Medical Products Inc (NASDAQ:EYES) is cruising higher this afternoon, following a successful trial of its Orion I Visual Cortical Prosthesis. Specifically, the shares are up 13.4% at $14.31 -- and options traders have taken notice.

Currently, intraday option volume for EYES is running at 21 times the usual rate, with calls nearly doubling puts on an absolute basis. The April 15 strike is attracting the most attention, with buy-to-open activity transpiring at both the call and put. By purchasing the out-of-the-money April 15 call, traders expect EYES will take out $15 by next Friday's close, when front-month options expire. Those purchasing the puts, however, anticipate the shares will reverse lower between now and then.

Technically speaking, Second Sight Medical Products Inc (NASDAQ:EYES) has put on quite the display in 2015. Today's upward gap brings the stock's year-to-date lead north of 39%, and above its 10- and 20-day moving averages, which have acted as resistance in recent weeks.

Daily Chart of EYES since March 2015 with 10-Day and 20-Day Moving Averages

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