Origin Agritech set a 52w high and is up 10% today, near $11.80, after yesterday’s near doubling from the $5.00 level, and today’s options flow suggests defensive positioning, with put buyers and call sellers dominating early activity. Nearly 7000 each of the Dec 10 calls and puts have traded, with early call sellers collecting $1.50 and put buyers paying 75-80 cents when shares were near 11.70. Yesterday as shares lifted, more than 50,000 Dec 10 calls traded, including customer sales of two large blocks of 9000 for 20 and 55 cents to open new positions when shares were below $10. Traders on the buy-side of those trades may be taking gains today as those calls are now over $2.