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Trader sees Progenics holding gains

Chris McKhann (chris.mckhann@optionmonster.com)

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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