China Sky One Looks Grounded (CSKI)

Shares of China Sky One Inc. (NASDAQ: CSKI) are lower on the session by 3.76%, currently trading at $6.40. The stock has been moving largely lower over the past six months in dramatic fashion, accelerating that slide as of late.

Options traders are buying protection on the name today. Though action has been primarily in small lots, put volume is now running at 14.19x the daily average with 89% of all calls traded being purchases on the offer.

Traders are buying the $7.50 and $5.00 put strikes in multiple months.

This may be indicative of some brave souls trying to bottom pick the name and buying hedges against a long position.

China Sky One Medical, Inc., through its subsidiaries, is engaged in the development, manufacture, marketing and sale of over-the-counter, nutritional supplements and over-the-counter plant and herb-based pharmaceutical and medicinal products. The company's principal products are external use Traditional Chinese Herbal Remedies/Medicines.

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