Puts Sold on Peregrine Pharmaceuticals (PPHM)

Shares of Peregrine Pharmaceuticals Inc. PPHM are lower on the session by 7.29%, currently trading at $2.67. The stock has been selling off, on heavy volume, for the past three months. Options traders are drawing a line in the sand on PPHM. The July $2.50 put was sold 7,000 times, on or near the bid, for $0.15; open interest on the strike is 10,996 contracts, which suggests that a long put position has been closed out. Put volume is now running at 12.35x the daily average. Peregrine Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company that manufactures and develops monoclonal antibodies for the treatment of cancer and viral infections. The company is advancing three separate clinical programs with its compounds bavituximab and Cotara that are clinical candidates under its anti-phosphatidylserine (Anti-PS) therapeutics and tumor necrosis therapy (TNT) platforms.