Puts Purchased on Cadence Pharmaceuticals (CADX)

Shares of Cadence Pharmaceuticals CADX are lower on the session by 1.94%, currently trading at $9.09. The stock has been moving largely higher over the past six weeks and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. Though action has been primarily in small lots, overall put volume is now running at 6.44x the daily average with 86% of all puts traded being purchases on the offer. Traders are very active in November 2011. Cadence Pharmaceuticals, Inc. is a biopharmaceutical company focused on in-licensing, developing and commercializing product candidates for use in the hospital setting. The company has rights to one product candidate, Ofirmev, an intravenous formulation of acetaminophen for the management of pain and reduction of fever in adults and children.