Poniard Pharmaceuticals (PARD) is up 4 cents to $7.70 and some investors are showing interest in Nov 2.5 puts, with 8394 contracts traded and 70 percent hitting ask-side. While the apparent put buying might be closing trades (open interest in the contract is 87489), implied volatility remains elevated, as investors brace for results from phase III trial of pircoplatin for small cell lung cancer. Implied volatility in the November options is approaching 400 percent, compared to 327 percent in December and 194 percent in March, suggesting a good possibility the news might come out before next week’s expiration.