Trade sees Ironwood on solid ground

Ironwood Pharmaceuticals has been sitting at a key level, and one investor thinks support will hold.

optionMONSTER’s tracking programs detected the sale of 5,000 September 12.50 puts for $0.40. Volume dwarfed previous positioning of 130 contracts, so this was a new opening trade.

The put seller is looking for IRWD to remain above the $12.50 strike price in over the next five weeks. If it does, they keep the premium as profit. Under that level, he or she must buy shares.

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