Shares of Medivation Inc. (MDVN) are trading lower .22 to 54.85.? MDVN is trading $5 off of the 52-week high.
Today paper traded the MDVN May 50/Jun 55 calls spread for a .85 credit 2,500 and 3,750, respectively.?? Average volume is 1,798.? Open interest in May is over 3,200 contracts and Jun is 1,789 contracts.
MDVN is on a run from the mid-40s in early April so this paper looks like it is rolling up a winning position by purchasing more calls with earned money.? The ratio does not look like a backspread time set up with the option prices so close together.?
30-day implied volatility is 40%.?? 10-day implied volatility is 29%.? 30-day implied volatility is trading above the 10-day historical volatility.
Medivation, Inc. is a biopharmaceutical company focused on the rapid development of small molecule drugs to treat serious diseases for which there are limited treatment options.
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