Option trades opened Monday seeking short-term upside in shares of Clovis Oncology Inc. (CLVS - Get Report) ripped higher Tuesday.

Minutes before Monday's closing bell, Investitute's proprietary programs flagged the purchase of 1,900 October $30 calls, expiring on October 19, for $0.43 to $0.60 as part of a bullish roll with shares at $27.49. This was clearly a new position, as volume was above the strike's existing open interest of 402 contracts.

Trying to find a bottom in share price can be difficult, but these investors may have wanted to wager a retrace was do with an equivalent 2.18% 'stop-loss' should their idea take longer to play out.

Those October $30 calls traded sold for $2.50 Tuesday, October 16, five times their average purchase price. The stock surged 11.39% in the same time period, a huge move but still nowhere near that of its options on a relative basis.

Long calls lock in the price where investors can buy a stock, letting them position for a rally at limited cost with the potential for significant leverage. They carry less risk than owning shares because the most that can be lost is the price of the options no matter how far the stock might fall.

Clovis Oncology spiked higher by 9.66% to $30.53 on October 16. The anti-cancer focused biopharmaceutical company rebounded higher after reaching lows not seen since November of 2016 as the broader market caught relief.