$MRNA call buyers double their money intraday

Option traders are posting quick gains on upside positions in Moderna (MRNA) today.

Just this morning, Market Rebellion’s Unusual Activity Service found that 3,800 Weekly $360 calls, expiring this Friday, were bought for $1.67 to $2.46 above the previous open interest of just 1,010 with shares at $334.21.

Those calls changed hands for as much as $6.00 today, at least 2 times their purchase prices. The stock rose 4.59% in the same time period, underscoring how quickly options can far outperform their underlying shares.

Long calls lock in the price where investors can buy a stock, letting them position for a rally at limited cost with the potential for significant leverage. They carry less risk than owning shares because the most that can be lost is the price of the options no matter how far the stock might fall.

MRNA ended the session higher by 7.05% to $349.56 .