Traders betting against Cell Therapeutics drug

Options traders are gambling heavily that a looming advisory review of Cell Therapeutics' cancer drug pixantrone is going to lead to some very bad news for the struggling developer. Bloomberg reports that the traders are making ‘unprecedented' bets that the company's shares are poised to drop. "A lot of people think it's going to zero," Chris Rich, head options strategist at JonesTrading Institutional Services LLC, tells Bloomberg. "You have a study that's totally in question. That's the fear." The FDA is supposed to make its decision by April 23. Report

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