BMY – Bristol Myers Squibb Co. – Call buying and put selling on the global biopharmaceutical company indicates some options investors are preparing for a rally in the price of the underlying shares. Bullish positioning on the stock today took place after Bristol-Myers Squibb Co. and AstraZeneca PLC stated a late-stage clinical trial showed dapagliflozin, a diabetes drug candidate, was more effective at reducing blood sugar levels than placebo. The biopharmaceutical company’s shares are currently up 0.05% to $25.59 as of 12:35 pm (ET). Optimistic investors shed 1,300 puts at the July $24 strike for an average premium of $0.17 apiece, and also sold 4,200 puts at the higher July $25 strike to pocket an average premium of $0.40 per contract. Put sellers keep the premium received as long as BMY’s shares exceed the strike prices detailed above through expiration day in July. BMY-bulls expecting shares to rally significantly by September expiration picked up out-of-the-money call options. Traders purchased 1,300 calls at the September $26 strike for an average premium of $0.81 each. Shares must increase another 4.75% to surpass the average breakeven price of $26.81 in order for September $26 strike call buyers to start to make money. Bullish sentiment spread to the higher September $28 strike where roughly 3,100 calls were purchased at an average premium of $0.23 apiece. Investors long the higher-strike calls profit only if BMY’s shares surge 10.3%, shatter the current 52-week high of $27.07 on the stock, and trade above the average breakeven price of $28.23 by September expiration.