Bulls Target Cephalon (CEPH)

Shares of Cephalon Inc. CEPH are higher on the session by 1.38%, currently trading $57.92. The stock has been drifting lower for the better part of two months, falling from a recent high of $72.87. The stock is trading below the 50-day and 200-day moving averages. I am seeing strong call buying on the name today with the August $80 call purchased over 10,000 times on the offer. Open interest on the strikes is only 719 contracts, which indicates, new, bullish positioning. Cephalon, Inc. is an international biopharmaceutical company engaged in the discovery, development and commercialization of products in four core therapeutic areas: central nervous system (CNS), pain, oncology and inflammatory disease.