Puts Purchased on Covance (CVD)

Shares of Covance Inc. CVD are lower on the session by 0.90%, currently trading $51.58. The stock has been falling for the past four weeks and is now trading below both the 50-day and 200-day moving average. Options traders are betting that the name slides further as well. The June $50 put was just purchased 2,700 times on the offer; open interest on the strike is only 79 contracts, indicating new, bearish positioning. Put volume is now running at 40.31x the daily average with 100% 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.