Human Genome Sciences (HGSI) is flat at $26.17 and 6,280 Mar 22 puts traded so far. 81 percent trading at the ask and open interest is 468. Implied volatility is up 4 percent to 81.5. Some investors might be hedging shares after a 9.6 percent gain in HGSI since 1/28 ahead of an FDA decision regarding the company’s pivotal Benlysta Lupus drug. It was postponed from late-December to March. Relatively high vols in March (98 percent) seems to reflect expectations for a decision prior to the March expiration.