Calls Purchased on Novagold Resources (NG)

Shares of Novagold Resources Industries Inc. NG are higher on the session by 7.96%, currently trading at $7.46. The stock has been drifting sideways over the past two months, but is managing to regain the 50-day moving average in today’s trade. Options traders are betting on further upside in the name. Though action has been solely in small lots, call volume is now running at 2.5x the daily average with 90% of all calls traded being purchases on the offer. Traders are buying the $5.00 and $7.50 strikes in multiple months. NovaGold Resources Inc. is a precious metals company, which is engaged in the exploration and development of mineral properties in Alaska, the United States and British Columbia, Canada. The Company conducts its operations through wholly owned subsidiaries, partnerships and joint ventures.