Progenics seen holding current level

Chris McKhann (

A trader is betting on a floor in the stock price of Progenics Pharmaceuticals.

More than 2,600 PGNX options have traded already this morning, compared to the daily average of 114 contracts. Virtually all of the volume is in the July 4 puts.

optionMONSTER systems show that a trader sold 2,500 of those puts for $0.20. The previous open interest was just 27 contracts, so this is clearly a new position.

The put selling is a bet that PGNX will hold above $4 in coming weeks. The trader is also showing the willingness to buy shares if they are below that strike price. (See our Education section)

PGNX is down 12.5 percent this morning to $4.20 after trading as high as $5 yesterday. Shares bounced off support at $3.50 a few times at the beginning of the month. 

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