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November 29, 2012  Thu 11:58 AM CT

CLSN: SEE CHART GET CHAIN FIND STRATEGIES
Celsion is seeing put activity for the second day in a row.

A trader sold 6,950 January 3 puts for the bid price of $0.50 in volume below open interest of almost 10,000. He or she also bought 6,950 April 3 puts for the ask price of $1.60 against open interest of just 743, so this is a new position.

The implied volatility of those puts is 285 percent in the January contracts and 313 percent in the  Aprils. That compares with a 30-day historical volatility of 80 percent.

It appears that today's trade is a roll forward, closing the January contracts and buying the April options to get more time for the strategy to work. But it is also possible that the trader is using a calendar spread to lessen the cost of the April puts, especially in terms of that very high implied volatility.

Today's trading follows bearish put activity in the February contracts yesterday, according to optionMONSTER's systems. (See our Education section)

CLSN is down 4.1 percent to $7.02 this afternoon. Shares of the cancer-drug developer have run up from $4 in just the last three weeks, hitting a high of $8.35 on Tuesday.
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