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OvaScience, Inc (OVAS) is gearing up for an appearance at the Society for Reproductive Investigation meeting
OvaScience Inc (NASDAQ:OVAS) is up 10.4% at $52.61 -- and fresh off a record high of $55.63 -- after the fertility firm posted abstracts of presentations it will make at the Society for Reproductive Investigation's (SRI) annual meeting, which kicks off tomorrow. These developments aren't lost on options traders, with both calls and puts running at an accelerated clip.
Diving right in, total options volume outstrips the expected intraday amount by a roughly 14-to-1 margin, and calls outstrip puts by about 5-to-1. Meanwhile, with uncertainty building ahead of tomorrow's scheduled event, OVAS' 30-day at-the-money implied volatility earlier spiked to an annual high of 87.6%.
From a wider perspective, today's sharp move may be the result of short sellers buying back their bearish positions. During the two most recent reporting periods, short interest on OvaScience Inc (NASDAQ:OVAS) rocketed 21%, and now comprises 17.3% of the stock's float -- or more than two weeks of trading activity, at average daily trading volumes.