Drugmaker AstraZeneca (AZN) announced some disappointing news this morning when it said that its MedImmune unit has received a letter from the U.S. Food and Drug Administration (FDA) asking for additional information on motavizumab. The letter is in connection with the Biologics License Application for motavizumab for the prevention of serious respiratory syncytial virus disease. Motavizumab is an investigational monoclonal antibody. MedImmune is confident that it can respond to the outstanding questions and, based on the company's current understanding, does not foresee a need to conduct further trials. MedImmune currently expects to resubmit in the first half of 2009.

Traders have shrugged off the FDA announcement and pushed the shares more than 1.5% higher this afternoon. The stock is currently struggling with resistance at its 10-day moving average. This short-term trendline has served as resistance on a number of occasions since the beginning of September. Additional resistance resides overhead in the form of its 10-week trendline at the 40 level.

Meanwhile, pessimism is on the rise toward the company. The Schaeffer's put/call open interest ratio for AZN has climbed from 0.95 on November 20 to its current perch of 1.15, as puts have been added at a faster pace than calls among near-term options. This reading is also higher than 73% of all those taken during the past 52 weeks. In other words, options players have been more pessimistically aligned just 27% of the time during the past 52 weeks.