Trader sees Progenics holding gains


Progenics Pharmaceuticals is up after reporting earnings this morning, and one trader apparently believes that shares will hold current levels.

optionMONSTER systems show 5,222 PGNX options have traded, compared to a daily average of just 11 and total open interest of 839. Dominating this volume is a single trade in the May 4 puts, which saw 5,000 contracts sell for $0.35.

The put selling is looking for PGNX to hold up above $4 through that May expiration. The delta of the options of -0.29, which suggests just a 29 percent probability that the stock will be below that strike price at expiration in mid-May. (See our Education section)

PGNX began the day below that price and was down at support at $2.60 at the start of the month. But the stock is up 32.1 percent to $4.47 this afternoon after the quarterly results released in the pre-market. 

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