Puts Sold on Pharmacyclics Inc. (PCYC)

Shares of Pharmacyclics Inc.

are higher on the session by 0.70%, currently trading at $7.19. The stock has been moving largely sideways for the past four months and is holding the 50-day moving average. Options traders are selling puts on the name today. The August $7.50 put was sold 1,000 times, on the offer, a short while ago; open interest on the strike is 4,015 contracts, which signals that a long put position was likely closed. Put volume is now running at 6.10x the daily average. Pharmacyclics Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing small-molecule drugs for the treatment of immune mediated disease and cancer. Its pharmaceutical drug development candidates are synthetic small-molecules designed to focus key biochemical pathways involved in human diseases.