Schaeffer's Street Stories: Put Players Take Advantage of a Rally in Savient Pharmaceuticals, Inc.

CINCINNATI--(BUSINESS WIRE)--Option traders are honing in on Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) today, and these speculative investors are displaying a distinct preference for puts. So far, the equity's January 2009 5 put has seen 2,508 contracts cross the tape on open interest of 467, which suggests that the bulk of today's volume consists of newly opened positions.

Looking out to the March series, the 5 put is also the subject of heavy interest. A total of 5,020 contracts have crossed the tape at this strike, which carries open interest of just 276 contracts. As with the shorter-term put mentioned above, this option should see a significant boost in open interest tomorrow.

To continue reading this article, click here: http://www.schaeffersresearch.com/commentary/content/put+players+take+advantage+of+a+rally+in+savient+pharmaceuticals+inc/observations.aspx?click=home&ID=90155