Exact Sciences Call Buyers Net Nearly $6 Million in Quick Profit

The trader or traders who snapped up call options in Exact Sciences Corp. midday Wednesday are holding about $5.8 million in paper profits after shares soared on a report Abbott Laboratories was close to a deal to buy the medical-testing company.

A total of about 4,800 contracts of $72 calls expiring Friday — equivalent to 480,000 shares of Exact — traded at an average of 90 cents from 12:45 p.m. to 1:05 p.m. New York time Wednesday when shares were trading around $71.

Read more: Abbott Said to Near Deal for Cancer Test Maker Exact Sciences

Shares soared as ...