Puts Purchased on Salix Pharmaceuticals (SLXP)

Shares of Salix Pharmaceuticals SLXP are lower on the session by 2.09%, currently trading at $40.84. The stock has been moving largely lower over the past month and is currently consolidating between the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the March 2011 $35.00 put was purchased 1,000 times, on the offer, on open interest of 1,470 contracts. Overall put volume is now running at 2.46x the daily average with 87% of all puts traded being purchases on the offer. Salix Pharmaceuticals, Ltd. is a specialty pharmaceutical company dedicated to acquiring, developing and commercializing prescription drugs used in the treatment of a variety of gastrointestinal diseases, which are affecting the digestive tract.