CTIC was trading 1.91 when a customer bought 10,000 of the Mar 2 puts paying .36.? This has an IV of 83% and needs the stock to be below 1.64 by expiration.? This appears to be a short stock replacement trade and a direct play on the name dropping for its lofty 2.00 range it is currently trading in.
This should be viewed as aggressively bearish and aggressively long volatility between now and March.? Traders looking to piggy back could consider shorting the stock itself could consider a short call spread or some sort of call spread VS put in order to get premiums lower.