Already the strike du jour on Friday, the RLYP Sep 32 calls are seeing heavy buying again today.
Relypsa Inc., trading 31.96 with an IV30 of 10.56 and an HV10 of 240%, is being bought for $32/share in cash.? Yet there continues to be speculation of another buyer, which is apparent in the activity in the Sep 32 calls.? Already the strike du jour on Friday, this contract is seeing heavy call buying again today.? In a name that averaged 9k contracts a day and has OI of 223,000 contracts, 80,000 of the OI comes from the Sep 32 calls and almost 26,000 of these calls have been bought today.
These calls are trading tied and untied for .40-.45 across the board with the larges block being 2 blocks of 4966 and 4250 for .45 tied to stock.? These customer appears to think that there may be more the RLYP deal than simply cash or there may be another buyer looking to pay over the current deal price.
The trade is bullish RLYP and bullish vol in the name.