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Biotech / Medical : Biotech Valuation
CRSP 57.71-0.8%11:11 AM EST
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To: rkrw who wrote (15081)1/4/2005 9:27:19 AM
From: IRWIN JAMES FRANKEL   of 52153
 
APPX looks fairly valued in the mid-30's. That makes the obvious idea of buying puts less attractive. It also makes a big move up more likely in the event of an odd-off* approval.

Looks like the market has pretty efficiently priced this one.**

Another reasonable approach would be to buy at 34 and sell a Jan call at 35 for 4.80. If stock runs you make a profit, if it falls you are in below the current price.

ij

* Per resident expert.

** That is not to suggest that the stock will not sell off on non-approval but rather that it could offer a buying op.
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