Bearish Flow
Savient Pharmaceuticals (SVNT) is reeling after the company said an evaluation of strategic alternatives did not result in the sale of the company at this time. The stock was halted and, after trading resumed, is off $10.18 to $11.52. About 12K puts and 6400 calls traded on the ticker. The top trade is a block of 1500 Nov 19 puts apparently bought at $1.20 before the news. The contract is now bid at $7.05. Nov 20 and 18 puts also saw interest this morning. Implied volatility is now up about 19 percent to 99.5.