A large trader is becoming increasingly bearish on Rockwell Medical.
optionMONSTER systems show that 3,000 June 9 puts were bought for the ask price of $1.15 in volume above previous open interest of 2,090 contracts. Seconds later a block of 3,095 May 11 puts was sold for the bid price of $0.80 against open interest of 5,546 in that strike, in what was almost surely a closing transaction.
This indicates that the trader is exiting a May long-put position, which expires at the end of this week, and rolling it to a lower strike one month later. Given that the trader was holding in-the-money puts, this is likely an outright bearish play rather than a hedge protecting long stock.
— Option Monster