Calls Bought on Exelixis (EXEL)

Shares of Exelixis (NASDAQ: EXEL) are higher on the session by 6.47%, currently trading $5.43. The stock is popping today after the company said they were going to raise $160 million to repay obligations under a loan from GlaxoSmithKline.

Options traders are coming after calls in the name with the August $7.50 call purchased over 5,500 times today; open interest on the strike is 12,427 contracts. Call volume is now running at over 20x the daily average with 90% of all calls traded being purchases on the offer.

Exelixis, Inc. is focused on discovering, developing and commercializing therapies for the treatment of cancer and other serious diseases. The majority of its programs focus on discovery and development of small molecule drugs for cancer.