Puts Purchased on Covance Inc. (CVD)

Shares of Covance Inc. CVD are lower on the session by 0.26%, currently trading at $54.46. The stock has been moving largely higher over the past five months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the January 2011 $50.00 put was purchased 1,000 times, on the offer, on open interest of 307 contracts. Overall put volume is now running at 16.99x the daily average with 86% of all puts traded being purchases on the offer. Covance Inc. is a drug development services company providing a range of early-stage and late-stage product development services on a worldwide basis primarily to the pharmaceutical, biotechnology and medical device industries.