Downside Purchased on Alkermes Inc. (ALKS)

Shares of Alkermes Inc. ALKS are lower on the session by 1.45%, currently trading at $12.90. The stock has been running largely higher over the past six months and is nearing its recent highs. Options traders are buying protection today, though. The November $10 put was purchased 6,000 times, on the offer; open interest on the strike is 6,455 contracts. Put volume is now running at 11.61x the daily average. Alkermes, Inc. is an integrated biotechnology company. The company is engaged in the business of developing, manufacturing and commercializing medicines for the treatment of prevalent, chronic diseases. Alkermes, Inc. develops, manufactures and commercializes VIVITROL, for alcohol dependence, and manufactures RISPERDAL CONSTA, for schizophrenia and bipolar disorder. Its pipeline includes extended-release injectable and oral products for the treatment of prevalent, chronic diseases, such as central nervous system (CNS), disorders, reward disorders, addiction, diabetes and autoimmune disorders.