Onyx Pharmaceuticals Draws Put Sale

Onyx Pharmaceuticals has given back much of its gains from the first days of 2013, but one trader is betting on a floor beneath the stock.

optionMONSTER’s tracking systems detected the sale of 2,500 May 70 puts this morning for $2.75. The volume dwarfed the strike’s open interest of just 79 contracts at the start of the session, clearly showing that this is a new position.

ONYX is down 3.13 percent to $80.82, a day after announcing that a secondary stock offering. That move led R.W. Baird to cut its price target on the name to $96 from $99 this morning, though the firm maintains an “outperform” rating on the stock.

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