Strong Calls On Anglo Am; Puts On Savient

Savient Pharmaceuticals

By Mike Yamamoto

Savient Pharmaceuticals (SVNT Quote)is seeing heavy put activity today on high options volume despite a spike in the company's shares after regulators put its new gout treatment on a fast track for review.

Puts outnumbered calls as more than 12,000 contracts traded hands overall, dwarfing the 20-day average volume of 919, according to optionMONSTER's tracking systems. Volume was also high for the SVNT stock itself, more than triple the daily average as it approaches 5 million shares.

Savient's shares, which were up more than 30% this morning, are about 17% higher in afternoon trading. The heavy activity follows an announcement yesterday by the Food and Drug Administration to grant "priority review" status to the drug pegloticase, agreeing to decide whether to approve the treatment in six months rather than the usual process of up to a year.