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ImClone (NASDAQ: IMCL), an oncology care company, is recently trading at $43.36. IMCL's Erbutux Phase 3 FLEX study results, K-Ras mutation analysis from the Phase 3 CRYSTAL study and Phase 3 CAIRO two study are expected to be presented during the American Society of Clinical Oncology (ASCO) Annual Meeting from May 30-June 2, 2008. Leerink Swann says "the risks of a major disappointment for upcoming FLEX data as ASCO are low." IMCL call option volume of 17,199 contracts compares to put volume of 5,669 contracts. IMCL June option implied volatility is at 53; July is at 45, near its 26-week average of 48 according to Track Data, suggesting larger June price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
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