Chelsea Therapeutics (CHTP) adds 3 cents to $5.25 and options volume on the biotech is running 3X the daily average, being led by a 1610-lot of Mar 4 puts for $1.05 on ISE. It’s an opening buyer, according to data from the exchange. 2,944 traded total. Open interest is already 3,050 and the largest position in the name. Mar 4 puts, if bought for $1.05, have a downside breakeven at the expiration at $2.95 per share, which represents a 43.8 percent nosedive over the next 84 days. The stock saw volatile action during the first few months of 2011, but haven’t done much of late. Shares are at the same levels today as they were in June. Implied vols are steady around 56 and today’s put buyers are perhaps hedging their bets ahead of an expected Feb 2012 FDA meeting related to Chelsea’s NORTHERA drug for Parkinsons patients.