Myriad Genetics is drawing a long-term combination trade as its shares reach six-month highs.
MYGN is up another 1.3 percent to trade at $23.55 this morning. The biopharmaceutical company has been rallying from support near $19 in the last six weeks and is now on pace to close at its highest price since August.
optionMONSTER's systems have detected a trade involving 2,000 each of the August 25 calls and 23 puts, which changed hands for $1.75 and $2.10 respectively. These were both just off the bid prices on very wide spreads, suggesting that this is a short-strangle position.
The short strangle would take in $3.85 of credit, which would be the profit if shares are between $23 and $25 at expiration. The position would make some profit with MYGN anywhere between $19.15 and $28.85 come that August expiration. (See our Education section)
Total MYGN option volume is 4,000 contracts, compared to a daily average of 600.
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