Puts Purchased on Elan Corporation (ELN)

Shares of Elan Corporation ELN are higher on the session by 1.18%, currently trading at $6.88. The stock has been moving largely higher over the past six months and is currently trading above the 50-day moving average. Options traders are buying puts on the name today. A short while ago the January 2012 $5.00 put was purchased 3,000 times, on the offer, on open interest of 3,478 contracts. Overall put volume is now running at 7.83x the daily average with 100% of all puts traded being purchases on the offer. Elan Corporation, plc is a neuroscience-based biotechnology company. Elan's operations are organized into two business units: BioNeurology and Elan Drug Technologies (EDT).