Crucell (CRXL), which saw a noticable uptick in options action last Monday on talk Sanofi (SNY) might bid for the company, is down $1.39 to $22.31 today, even after J&J (JNJ) unveiled plans to take an 18 percent stake in CRXL (Link to Story). The action in the options pits seems to reflect some disappointment as well, with volume hitting 3X the usual. Sellers are active in Dec 20, Oct 20, Nov 25, and Oct 22.5 calls. Meanwhile, implied volatility (average) in CRXL is crashing down below 50, from about 61 late Friday.