Curis has fallen sharply in recent months, but one trader apparently believes that cancer-drug developer will hold current levels.
optionMONSTER systems detected the sale of 5,000 March 2.50 puts on Friday, led by a block of 4,969 that went for $0.18. Open interest in the strike was just 751 contracts before the trade appeared, clearly showing that it is a new position.
The put seller is looking for CRIS to hold up above $2.50 through expiration in mid-March, at which time the $0.18 credit would be kept as profit. But if the stock falls below that strike price, the trader will be on the hook to buy shares at that level. (See our Education section)
CRIS finished Friday's session up 2.92 percent to $2.82. The stock was at a 52-week low of $2.44 last Wednesday but at a 52-week high above $4.50 in October.
Friday's put sale dominated the total option volume of 5,567 in CRIS, which compares to a daily average of just 740 contracts in the last month.
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