Puts Purchased on Seattle Genetics

Shares of Seattle Genetics SGEN are higher on the session by 2.22%, currently trading at $20.24. The stock has been moving largely higher over the past three months and is currently trading above the 200-day moving average. Options traders are buying puts on the name today. A short while ago the July 2011 $15 put traded 3,500 times on open interest of 338 contracts. Overall put volume is now running at 5.50x the daily average with 93% of all puts traded being purchases on the offer. Seattle Genetics, Inc. is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for cancer and autoimmune diseases.