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2,000 Puts Trade in Pliant Therapeutics, Inc. (Symbol: PLRX)

2,000 Puts Trade in Pliant Therapeutics, Inc. (Symbol: PLRX)

OptionWatch:

Posted December 9, 2024 at 11:00 am

Jeff Praissman
Interactive Brokers

This morning 2,000 January 17 ’25 15 puts traded for $1.00 in Pliant Therapeutics, Inc. (Symbol: PLRX). At the time of the trade PLRX was trading at $14.96. The NBBO at the time of the trade was $0.95 / $4.60 indicating that the trader most likely sold the puts. This was an opening trade since the open interest was 300 contracts this morning.

The PLRX 15 puts are at the money and a 45 delta, so the trade was the equivalent of 90,000 shares of stock. If the trader did indeed sell the puts, they may be using the atm short puts to get long the stock without buying the shares. The implied volatility is up since the past few weeks so the trader may have wanted to take advantage of an increase in IV.

The implied volatility is up since the past few weeks so the trader may have wanted to take advantage of an increase in IV.

PLRX is currently trading at $15.02. PLRX has a 52-week high of $19.62 and a 52-week low of $10.22.

PLRX is currently trading at $15.02. PLRX has a 52-week high of $19.62 and a 52-week low of $10.22.

Source: IBKR TWS. Past performance is not indicative of future results

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One thought on “2,000 Puts Trade in Pliant Therapeutics, Inc. (Symbol: PLRX)”

  • Keith Glanz

    Without knowing the other side of the trade, the put knowledge is of limited value. Did the put seller sell stock short delta neutral? Was it a naked put sale? Did the put seller sell stock one for one and get short? Without knowing the answer to these questions, might as well go back to sleep.

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