Paper bought over 5,000 GALE Jan 2017 4.5 calls for .15 & 5,000 GALE Jan 2017 2 calls for .20 and .25 through multiple purchases.
Galena Biopharma Inc., trading 1.19 with an IV30 of 169% and an HV10 of 96%, is seeing heavy call action in January of 2017. A customer bought over 5,000 of the Jan 4.5 calls paying .15 through an intermarket sweep and bought 5,000 of the Jan 2017 2 calls for .20 and .25 through multiple purchases. With an ADV of 3100 contracts and OI of 218,000 contracts.
The Biopharma has been below 2 since July of 2015 and there is large open interest on these strikes, so these could be a close although they appear to be a play on some sort of drug announcement in the name.
This trade should be considered bullish the underlying and volatility.