Bulls Target BioMimetic Options

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David Russell, reporter for OptionMonster.

FRANKLIN, Tenn. (TheStreet) -- Trading is bullish in BioMimetic Therapeutics(BMTI Quote) today as the small-cap health care name prepares for a presentation this week.

BioMimetic rallied 12% to $13.08 in afternoon trading, and options volume surged to six times the average amount, according to OptionMonster's systems. New money flowed into the October 15 calls, with the largest trades pricing for 90 cents to $1.10. Almost 2,300 contracts changed hands against open interest of 1,931.

The maker of bone-healing devices is scheduled to present at the Orthopedic Trauma Association's Annual meeting later this week, and an American Orthopaedic Foot & Ankle Society conference early next month. The stock is up 46% in the last three months.

Today's option buyers are looking for a big move: The stock needs to rally about 22% over the next nine sessions for the October calls to turn a profit. Other investors purchased the November 15 calls for $2.40 to $2.60, betting on a 33% move by November expiration. At 1,153 contracts, volume in the strike exceeded open interest.

Calls outnumbered puts in the name by 3 to 1, reflecting the bullish expectations.

-- Reported by David Russell of OptionMonster in New York.