23,000 GALE Jan 2017 1.5 calls have traded & appear to be closing paper.
Galena Biopharma, trading .29 (down 1.74) with an IV30 of 209.36 and an HV10 of 47.5 (will change tomorrow dramatically) is seeing call action today.? The stock, with an ADV of 5400 and an OI of 423,000 contracts, is seeing massive call trading on the January 1.5 strike.? On the day over 23,000 of the Jan 2017 1.5 calls have traded .05 vs open interest of just under 50k.? These could be longs closing or shorts closing, but they appear to be closes.?
This appears to be paper trading around whether or not GALE will be in business by January,? the performance of the stock today based on what was an issue with a drug points toward trouble ahead for GALE and a potential delisting of the stock.
This paper should be considered bearish the stock and bullish volatility.