By David Russell, reporter at OptionMonster

Stock and options trading took a bullish turn in Eli Lilly ( LLY) late Friday after the Food & Drug Administration approved the company's Effient blood thinner.

OptionMonster's tracking systems showed new money pouring mainly into the July 32.50 calls and July 35 calls. The July 32.50 calls traded 8,860 times for 80 cents to $1.70 against open interest of 2,910. The July 35 calls were purchased for 5 cents to 25 cents, although volume in the strike was less than half existing open interest.

Lilly rose almost 1% to $33.32 and has traded between $32 and $36 for almost four months. Volume in the shares exploded to twice the daily average after the announcement on Effient, which Credit Suisse estimates will generate $1.5 billion of revenue by 2013. The drug will compete against Plavix, sold by Sanofi-Aventis ( SNY) and Bristol-Myers Squibb ( BMY).

OptionMonster's systems also detected buying of the July 32.50 and Aug. 30 puts. The activity probably resulted from investors buying protection on new positions in the shares.

Options volume in Lilly was almost five times the average Friday, with calls exceeding puts by more than two to one. The company is scheduled to report earnings on July 22, three sessions after July expiration.