Bristol-Myers Squibb Co. (NYSE:BMY) shares continued their climb today amid speculation that the company could be a takeover target for a larger un-named pharmaceutical company. Implied volatility jumped over 5% during the past week indicating an increased bet on bullish price action.

The pharmaceutical company has been the target of takeover rumors for some time now, specifically with France's Sanofi-Aventis who was previously rumored to be interested in the company. Options activity looked similar to yesterday's before it died down along with the rumors.

Bristol-Myers does not comment on market speculation, but with 26,700 call options trading hands yesterday compared to only 2,800 puts, this is definitely a stock to keep an eye on. It seems that many traders are betting on the November $30 call options, meaning they expect the price of the stock to exceed $30 in about a month.

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