Traders are turning cautious on Geron ahead of its earnings report next week.
optionMONSTER's tracking program detected the purchase of 2,000 September 2.50 puts for $0.20 at the same time yesterday. This represents fresh buying, as open interest in the strike was only 200 contracts before the trade occurred.
Long puts lock in the price where a stock can be sold, so they make money to the downside. Investors use them to hedge long positions or to speculate on a drop. (See our Education section)
GERN fell 0.62 percent to $3.22 yesterday but is up 13 percent in the last month. The biopharmaceutical company's next quarterly results are estimated for release after the close on April 28.
Overall option volume was 3 times greater than average in the name yesterday.
More From optionMONSTER