Genzyme (GENZ) has given up early gains and is down a dime to $67.28 late Tuesday, but is up more than 25 percent since last week’s news that Sanofi Aventis (SNY) might make a bid for the company. Options are actively traded again today. This morning, for example, a bearish three-way spread surfaced when a strategist sold 7000 October 75 calls at $1.60 to buy 7000 Jan 50 – 65 put spreads at $3.70. The spread, which looks like a new position, has been repeated more than once and volume in the Jan 50 – 65 put spread is approaching 10000. The action might be hedging activity by shareholders to protect recent gains in GENZ shares. Reuters reports today that Genzyme is considering SNY’s informal takeover request, but isn’t actively attempting to sell the company.