Progenics Pharmaceuticals is near all-time lows, but one trader apparently believes that the bloodletting is coming to an end.
optionMONSTER's systems detected the sale of 3,500 December 2 puts in a single print for the bid price of $0.10. The average total volume in PGNX has been just 29 options a day in the last month with total open interest of 884, so today's trade is clearly unusual.
PGNX is up 0.7 percent to $2.13 on the day. Shares were up above $10 before gapping lower in late July, and the stock hit a lifetime low of $1.41 two weeks ago.
The put selling is a bet that PGNX will remain above the $2 strike price until expiration in less than a month. The trader is also willing to buy shares if they are below that level but would have an effective buying price of $1.90. (See our Education section)
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