Put Volume Grows on Inverness Medical Innovations (IMA)
Shares of Inverness Medical Innovations (NYSE: IMA) are lower on the session by 4.45%, currently trading at $26.81. The stock has been drifting lower for the past six months, but cratered on high volume yesterday, sending it to a new 52-week low.
Traders are picking up protection on the name still. The June $25 put traded 1,316 times on open interest of 2,230 contracts and the July $25 put has traded 1,150 times on open interest of 1,083 contracts. Put volume is running at 2.83x the daily average with 58% of all puts traded being purchases on the offer.
Inverness Medical Innovations, Inc. is a global developer, manufacturer and marketer of advanced consumer and professional medical diagnostic products. The Company's global products and services, as well as the new product development efforts focuses on cardiology, women's health, infectious disease, oncology and drugs of abuse.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.