Dendreon (DNDN, news, chart) saw another day of active trading, as players continued to jockey for position ahead of an August 7 earnings report. 17,000 DNDN puts and 8,500 calls traded on the day. Part of that volume was due to a large straddle buy. Shortly before 15:00 Eastern time, 5,000 of the DNDN September 7.5 puts traded offerside for $2.35 a contract. Meanwhile, the same number of September 7.5 calls traded midmarket for 30 cents a contract. With open interest of 1,293 and 2,543 contracts, respectively, the trading activity in those September 7.5 puts and calls seems to be part of a large opening straddle buy. With the stock at $5.66 a share, the strategist pays $2.65 per straddle and probably has a bearish bias. Meaning, the straddle is delta negative and will make money a lot faster if the stock moves lower instead of higher. Recall that, on Friday, we saw similar action involving the November 12.5/2.5 strangle.