Cypress Biosciences (CYPB, news, chart, volatility) is up 12 cents to $6.50 and 7,600 puts have traded, compared to 300 calls. Most of the volume is in the February 5 puts and includes a recent block of 4,706 puts traded for 75 cents on the PHLX, with the bid-ask spread at 55 to 70. Most of the day’s other volume has been on the ISE where 2,290 have traded and ISE Sentiment data suggests 99 percent opening customer buy orders. The action stands in stark contrast to late October, when shares of the San Diego, Calif-based biotech company sat near $5.15 and call buying dominated the order flow.