With options, time is the important factor. Every day, premium erodes and option value changes with underlying stock value, time, volatility and interest rates changes.
Go to www.cboe.com and look for the options calculator. It based on the Black-Shoales model. You can plug in the expected price, date, and volatility and it will give you a theoretical value for the option.
I haven't used the calculator there because I use the thinkorswim trade platform and it has a theo value projector right on the trade tab.
If it hits 7.50 tomorrow it will be worth .41. It has a theta of -.04 which means it loses .04/day.