Horizon Pharma Draws Upside Play

A trader is looking for Horizon Pharma to continue higher after reporting earnings this morning.

optionMONSTER’s Heat Seeker system shows that 2,000 November 10 calls were sold for the bid price of $3 against previous open interest of 3,212. Just before, 3,000 February 14 calls were purchased for the ask price of $1.65 with open interest of just 3 contracts at that strike, indicating that it is a new position.

The trader is rolling the near-term long calls to a higher strike three months later. He or she is taking some gains off the table in the process but remains positioned to profit from further gains in the stock.

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