Melonhead, you may be sure, only owns some cheap puts. And, like most smalltime options players, he always misses the chance to take profits. He obviously should have sold during the week following the JNJ/Aragon announcement. Now the stock is actually a couple of bucks higher than it was before this announcement. These guys are like unlucky fishermen: When they finally get a strike, they're so surprised that they forget to set the hook.