Put Spread Sold on GlaxoSmithKline (GSK)

Shares of GlaxoSmithKline (NYSE: GSK) are lower on the session by 2.20%, currently trading at $39.61. The stock has been moving largely higher over the past six months, though it is currently testing the 50-day moving average. One options trader sold a put spread on GSK today. A short while ago the Novemebr $40/39 put spread was sold 1,256 times for $0.40. The $40.00 strike was sold for $0.80 and the $39.00 strike was purchased for $0.40. Volume exceeded open interest on the $40.00 strike, though not on the $39.00 strike. This indicates that this was likely a roll of short puts. Overall put volume is now running at 6.10x the daily average. GlaxoSmithKline plc is global healthcare group, which is engaged in the creation and discovery, development, manufacture and marketing of pharmaceutical products, including vaccines, over-the-counter medicines and health-related consumer products. Its principal pharmaceutical products include medicines in the therapeutic areas, such as respiratory, anti-virals, central nervous system, cardiovascular and urogenital, metabolic, anti-bacterials, oncology and emesis, dermatalogicals and vaccines.