Calls Purchased on Elan Corporation

Shares of Elan Corporation ELN are higher on the session by 5.59%, currently trading at $8.88. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying calls on the name today. A short while ago the June 2011 $10.00 call was purchased 1,000 times, on the offer, on open interest of 2,355 contracts. The July $10 and $11 strikes are also active. Overall call volume is now running at 2.78x the daily average with 80% of all calls traded being purchases on the offer. Elan Corporation, plc is a neuroscience-based biotechnology company. Elan is focused on discovering and developing advanced therapies in neurodegenerative and autoimmune diseases, and in realizing the potential of its scientific discoveries and drug delivery technologies.