Volume Spike: Allergan Goes Into Play (AGN)

Posted in General, Options 
March 24th, 2009

Is there a “Blue Horseshoe Loves Allergan” conversation on Wall Street today?  It appears so.  There is takeoverchatter driving a huge surge in both price and volume.  Allergan Inc. (NYSE: AGN) has run up 10% this morning and has even been higher.  The last print was around $47.50 (up 10%) on almost 8 million shares.  Its average volume is now only 2.7 million shares per day and the 52-week range is $28.95 to $61.72.

We have also seen an exponential surge in call option activity for the APRIL-2008 expirations.  The volume today is many times over what the open interest was before today.

JON C. OGG (11:30 AM EST)

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