Shares of Columbia, Md.-based W.R. Grace traded hands at a volume more than double the 20-day average.

Shares of chemicals manufacturer W.R. Grace & Co. (GRA - Get Report) advanced more than 6.7% to $65.89 in mid-morning trading on Tuesday, following renewed takeover speculation, according to The Fly.

Shares rocketed as high as $66.73 around 10:45 a.m. ET, tallying the stock's largest percentage intra-day gain since Oct. 25, 2017.

Shares of the Columbia, Md.-based company traded hands at a volume more than double the 20-day average. At the same time, call options surged to about 1,730 contracts. Trading in the company's call options has been just 188 contracts daily for the last 20 days, according to Bloomberg data. Put option Tuesday morning totaled 210 contracts, up from the average of 52 contracts.

Shares trade at about a 20% discount to the consensus price target of $81.17 from analysts polled by FactSet. Over the last year, W.R. Grace's stock has dipped 2.8%, but shares have rallied 5.6% in the last five sessions.

W.R. Grace told TheStreet that it does not comment on rumors in the marketplace.