Friday, September 11, 2009

WMGI - Breakout

Wright Medical Group, Inc. (WMGI) is an orthopaedic medical device company. The company's stock has just closed at $17.10 with above average volume. The price is above resistence ($16.95), which it tested in June and August. It also climbed above its 200-day SMA on Wednesday. Along with the breakout, the calls showed strong volume today, particularly the $20November issue, which traded 1,386 versus open interest of only 81.

Update (Sept 14): Today WGMI announced FDA 510K clearance of PRO-STIM™ Injectable Osteoinductive Bone Graft Substitute (press release). The stock took a nasty dip to $16.82 but recovered and is trading at $17.25 now. So the b/o above $17 is still on for now.

WMGI Trading History:
September 11th, bought for $17.10
September 17th, sold for $18.22 (+1.12, +6.5%)

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