By Sell Puts
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Shares of Genzyme (NASDAQ: GENZ) were on the move again today up 27c to settle at 70.38 on volume of 4.7 million shares a hair over average. The board of Genzyme revealed they are open tp a merger with Sanofi-aventis (NYSE: SNY) though are looking for a price greater than $69 a share.
Today Geoffrey Porges and analyst with Sanford Bernstein reiterated his "outperform" rating on Genzyme shares and raising his price target to $76, said he considers a sale of Genzyme as "almost inevitable" and sees a likely price of $77 to $78 a share.
Genzyme (NASDAQ: GENZ) options are pricing in a take out over 70 with about 1/3 of those options pricing in a move over 75 by the end of the year. Today traders focused on the OCT 75 calls with 3100 trading vs OI of 43k.
