Pfizer is trading at seven-month lows, but a large put sale is looking for shares to hold current levels.
optionMONSTER systems on Friday showed that a trader sold 4,230 Weekly 29 puts that expire on June 27 for the bid price of $0.37. This is clearly a new position, as previous open interest in the strike was just 88 contracts.
The put seller is looking for PFE to stay up above $29 through that expiration in 35 days. If the stock falls below that strike price, the trader will face the risk of having to buy shares at that level. (See our Education section)
PFE fell 0.57 percent to $29.49 on Friday. The pharmaceutical giant was trading above $32 at the end of April but has tested support at $29 in the last two weeks--its lowest level since mid-October--amid the company's efforts to acquire AstraZeneca.
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