More put selling today which is bullish, per Optionmonster:
For the second time in as many days, traders are calling a bottom for Infinity Pharmaceuticals.
optionMONSTER's tracking programs detected the sale of 2,000 July 16 puts for $0.60 against previous open interest of 1,775 contracts. It follows a similar trade in the June 16.50 puts yesterday.
Selling puts lets the investor collect income in return for insuring other traders against a drop. If INFI remains above $16, he or she will keep the $0.60 as profit and the contracts will expire worthless. Below that level the trader will face the obligation to buy shares for $16. (See our Education section for more on the strategy, which usually appears when investors think a stock is done falling.)
INFI is surging 10.66 percent to $19 in morning trading, but came into the session down more than 60 percent since the beginning of April. It had peaked around $50 earlier this year amid enthusiasm toward its pipeline of potential cancer drugs but then fell sharply as management capitalized on the rally by offering new shares.
The stock has been holding its ground for two weeks at the same level where it consolidated last summer, which could make some traders think it will stabilize or bounce.