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InterMune, Inc (ITMN) is a biotechnology and medical research company focused on developing therapies for the treatment of lung conditions. The company’s stock is currently trading around $31.05 in a 52 week range of $8.21-$37.22. The stock is now higher by over 261% over the past 12 months with stock prices nearly doubling during today’s trading session. This large move higher was telegraphed by some unusual options activity earlier this month.On February 10th a trader sold 9,900 ITMN May 8 puts to buy 9,900 of the May 15 calls for a net debit of $2.78. With stock at $31.05 this spread is worth $16.05. At that level this trader profits over $15.8 million in this trade. This was the biggest trade in the past 10 days and did a good job of leading the move higher. The options action in ITMN and subsequent move higher in the stock is another great example of the value of reading the tape.

Andrew Keene

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