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Affymetrix level seen holding firm

One trader is betting that biological-testing company Affymetrix will hold current levels in coming months.

optionMONSTER's tracking systems show that 3,000 July 7.50 puts were sold in one print for $0.52 on a wide bid/ask spread yesterday. This is a new position, as there was no open interest in the strike before the trade appeared.

The put seller is looking for AFFX to stay above $7.50 through expiration in mid-July, at which time the $0.52 credit would be booked as profit. But if the stock falls below the strike price, the trader will be on the hook to buy shares at that level.

The name also saw bullish call buying in the August 10 strike about a month ago. (See our Education section)

AFFX gained 0.96 percent to $7.91 yesterday. The maker of genetic-testing products spiked to $9.80 in January--its highest price since October 2009--but plunged to $7 when earnings fell short of expectations the next month. The company beat estimates on the top and bottom lines in its last quarterly report on May 1, but the stock barely moved on that news.

Yesterday's put sale made up almost all of Affymetrix's option volume in the session, which was 30 times its daily average for the last month.

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