Einstein (aka jxkchicago) I was looking for answer like was it sold near ask or bid. For a thinly traded stock like IRWD with a huge catalyst ahead, I think if someone brought at ask means that the investor of very bearish or wanted to hedge badly. If sold near bid means someone was bullish and sold puts. If you see on wednesday almost 800 calls were traded. So if somone sold puts near bid and later brought calls means highly bullish. If you see there is a pattern repeating. On August 24 also a similar trade was made. There is always someone who know the data ahead of time. These small trades are really important indicator. The big buyz in the company wont do any trading, but there are many eyes who get to see the data before it finally reaches the company. It only needs one greedy soul to reflect the results on the stock, especially a thinly traded stock like IRWD. Do you think that fda decision are made the same day as announcement. My guess is we should hear about the 2nd phase 3 results by mid november.