Puts Purchased on PDL BioPharma, Inc. (PDLI)

Shares of PDL BioPharma, Inc. PDLI are lower on the session by 3.22%, currently trading at $6.32. The stock has been moving largely higher over the past four 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 August $5.00 put was purchased 3,000 times, on the offer, on open interest of only 681 contracts. This signals new positioning on the name. Overall put volume is now running at 59.77x the daily average with 98% of all puts traded being purchases on the offer. PDL BioPharma, Inc. is engaged in the management of its antibody humanization patents and royalty assets, which consist of the company's Queen et al. patents and license agreements with several biotechnology and pharmaceutical companies.