Put seller bets Celsion's levels will hold
Shares of Celsion are gaining this morning, and one trader is betting that the stock will hold current levels.
CLSN is up 2.76 percent to $2.24 after the drug maker announced a collaboration with the University of Oxford for a clinical trial on a proposed treatment for liver cancer. The stock is on pace for its highest close since last November after finding resistance around $2 in the last three months.
Celsion's total option volume of 4,700 contracts is 10 times its daily average. A trader sold two blocks of 1,875 October 2 puts for $0.35 and then $0.30, volume that as about 10 times the open interest at that strike.
The put selling is a bet that CLSN will remain above $2 through the October expiration. The trader is also showing a willingness to buy shares if they are below that strike but would do so for an effective price of $1.675. (See our Education section)
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