Amylin Pharma faces downside position
Chris McKhann | firstname.lastname@example.org
AMLN is down 1 percent to 25.55. The drug developer has been trading in a tight range for the last couple of weeks after touching an intraday high of $26.87 on April 25. Shares were just above $8 at a 52-week low in October.
Overall option volume in the name is light today, but one trader bought 2,100 January 10 puts against previous open interest of 1,425, indicating that this is a new position. The contracts traded for $0.30, the ask price on a very wide spread, according to optionMONSTER's Depth Charge system.
The put buying isn't tied to any stock trading that we can see today, so this could be an outright bearish bet or protection on an existing long position. (See our Education section)