Traders Buying Protection on Boston Scientific (BSX)

Shares of Boston Scientific Corporation BSX are lower on the session by 2.47%, currently trading at $7.12. The stock has been moving largely lower over the past three months and is currently trading below the 50-day moving average. Options traders are buying puts on the name today. A short while ago the April 2011 $6.00 put was purchased 5,700 times, on the offer, on open interest of 148 contracts. The April $7.00 put is also active. Overall put volume is now running at 3.38x the daily average with 65% of all puts traded being purchases on the offer. Boston Scientific Corporation is a worldwide developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties.