A trader is looking for Infinity Pharmaceuticals to hold current levels for the next few weeks.
optionMONSTER systems detected the sale of 2,500 September 18 puts for $0.38 in one print yesterday. This is clearly a new position, as the volume was higher than the strike's open interest before the trade appeared.
This put sale is looking for INFI to stay above $18 through expiration in 2-1/2 weeks. But the trader will be on the hook to buy shares if they fall below that level. (See our Education section)
INFI jumped 6.37 percent to $19.69 yesterday. The drug developer fell after reporting quarterly results on Aug. 8 but bounced at $17.50 a week later and has been trading mostly sideways since then, with support at its 50-day moving average.
Total option volume in the name was 2.5 times its daily average for the last month.
More From optionMONSTER