Puts Bought on Wellcare Health Plans

Shares of Wellcare Health Plans Inc. WCG are falling today, though outperforming the overall market, by 1.60%. The stock is now at $26.38. Shares have been trending sideways for the past three months, but the chart looks like it might break the $25.80 support level to the downside. Options traders betting that just such a move might happen with the $22.50 puts purchased over 1,100 times for $2.00. Open interest on the strike is 1,376 contracts. It is unclear whether this is an opening or closing transaction. WellCare Health Plans, Inc. provides managed care services to government-sponsored health care programs, focused on Medicaid and Medicare, including prescription drug plans and health plans for families, children and the aged, blind and disabled.