Celldex Therapeutics is near multi-year highs, and one trader is betting that any downside will be limited for the drug stock.
CLDX is up 1.88 percent to $6.42 this morning. Shares of the biopharmaceutical company hit a recent peak last month at $6.62 on Sept. 19, their highest level since June 2010, and have been consolidating around that level since then.
optionMONSTER's tracking systems detected the sale of 4,000 December 5 puts in two blocks of 2,000, priced at $0.20 and $0.15. The volume dwarfed open interest in the strike of just 107 contracts at the start of the session, clearly indicating a new position.
The put seller is betting that CLDX will be above $5 upon expiration in mid-December. If the stock is below that level, the trader faces the prospect of having to buy shares at $4.80 and $4.85. (See our Education section)
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