Puts Purchased on Synta Pharmaceuticals

Shares of Synta Pharmaceuticals SNTA are lower on the session by 3.65%, currently trading at $4.75. The stock has been moving largely lower over the past four weeks and is currently trading below the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the June 2011 $5.00 put was purchased 1,020 times, on the offer, on open interest of 2,675 contracts. Overall put volume is now running at 2.27x the daily average with 100% of all puts traded being purchases on the offer. Synta Pharmaceuticals Corp. is a biopharmaceutical company focused on discovering, developing, and commercializing small molecule drugs to extend and improve the lives of patients with medical conditions.