Ironwood Pharmaceuticals has been sitting at a key level, and oneinvestor thinks support will hold.
optionMONSTER's tracking programs detected the sale of 5,000 September 12.50 puts for $0.40. Volume dwarfedprevious positioning of 130 contracts, so this was a new opening trade.
The put seller is looking for IRWD to remain above the $12.50 strikeprice in over the next five weeks. If it does, they keep the premium as profit.Under that level, he or she must buy shares. (See our Education section.)
IRWD rose 2.52 percent to $13.40 in morning trading. It's foundsupport at $13 of late, and hasn't gone below that price since mid-May. It wasabove $14 before earnings two weeks ago.
Total option volume is 29 times greater than average so farin the session.
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