Puts Purchased on Exelixis, Inc. (EXEL)

Shares of Exelixis, Inc. EXEL are lower on the session by 1.34%, currently trading at $11.05. The stock has been moving largely higher over the past four months and is currently trading above the 50-day and 200-day moving averages.

Options traders are buying puts on the name today. A short while ago the March 2011 $11.00 put was purchased 3,000 times, on the offer, on open interest of 3,163 contracts.

Overall put volume is now running at 2.44x the daily average with 99% of all puts traded being purchases on the offer.

Exelixis, Inc. is focused on discovering, developing and commercializing therapies for the treatment of cancer and other serious diseases. The majority of its programs focus on discovery and development of small molecule drugs for cancer.