Trader Braces for Boston Scientific to Fall

OptionMonster co-founder Pete Najarian provides options picks Monday, Wednesday and Friday in TheStreet.com's Deep in the Money Calls newsletter.

David Russell, reporter for OptionMonster.

NATICK, Mass. (TheStreet) -- Boston Scientific(BSX Quote) has rallied back to its highest levels since last year's financial crisis and is scheduled to discuss a key defibrillator trial this morning, prompting one large investor to position for a potential decline.

Volume in the September 11 puts climbed to 7,336 against open interest of 2,143 contracts. A large purchase for $0.20 accounted for most of the activity, according to OptionMonster's tracking systems.

Boston Scientific rose 2.71% to close at $11.75 yesterday and is up 6% in the last month. The heart device company will present final results for the trial of its MADIT-CRT defibrillator today. On June 24, management said the device met its primary endpoint by reducing heart failure.

The puts purchased yesterday will protect against a 6% drop in Boston Scientific shares.

-- Reported by David Russell at OptionMonster in New York.