Put volume surged in OraSure Technologies as an investor looks
to salvage a poorly timed bet.
Some 1,928 August 12.50 puts were bought for $1.85 against existing
open interest. An equal number of September 12.50 puts was sold at
the same time for $2.05 in a new opening trade. That suggests an
existing position was rolled from one contract to the other.
OSUR rose 0.28 percent to $10.70 in afternoon trading. It surged
from about $10 to $14 early last month after the Food and Drug
Administration approved its in-home HIV test but has been pulling
back since then.
Today's investor probably sold those August 12.50 puts after the
rally, looking for the shares to remain above $12.50. But now that
they've pushed lower, he or she is rolling the position forward by
one month. That gives more time for the stock to rebound, and lets
them collect a $0.20 credit while they wait.
The next scheduled event that could serve as a potential catalyst
for the shares is the release of second-quarter results after the
Overall option volume is more than 5 times greater than average so