High put volume in Illumina (ILMN) is focused on Dec 28s. Shares of the San Diego, CA biotechnology company are down 74 cents to $29.34 and the top trade is a 4105-contract block for $1.40 when the market was $1.25 to $1.40. Another 2,132 traded for $1.55 and a multi-exchange sweep of 1,166 traded at $1.45 when the bid-ask was $1.30 to $1.55. 10,477 ILMN Dec 28 calls now traded against 1,102 in open interest. Looks like opening buying and implied volatility in the options on the stock is up 11 percent to 64. Bearish trading comes as shares continue to lag the broader market. ILMN is one of the bigger percentage losers in the NASDAQ 100 today and is down 61 percent since June.
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.