Puts Sold on Somaxon Pharma (SOMX)

Shares of Somaxon Pharmaceuticals Inc.

are lower on the session by 3.26%, currently trading at $3.86. The stock had been markedly higher earlier in the session before being dragged down along with the overall market. Options traders are selling puts on the name today. The February 2011 $2.50 put was just sold 1,250 times, near the bid, on open interest of just 48 contracts. This signals new, bullish positioning on the strike. Put volume is currently running at 7x the daily average. Somaxon Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the in-licensing and development of product candidates for the treatment of diseases and disorders in the central nervous system therapeutic area.