A number of options investors this week stepped into new bearish positions in Community Health Systems, reports OptionMonster's Chris McKhann, despite a nice pop in the stock Thursday. CHS stock (Ticker: CYH) has steadily given up ground in the past month and a half, but is still up 25 percent year to date. An interesting sidenote: The analysts covering the company have wildly different price targets for the stock.

The put buying was not tied to any trading in the underlying stock that we found, but it could still be a hedge against an existing long position. It could also be a straight bearish bet looking for the stock to fall below levels last seen at the beginning of February.