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Biotech / Medical : Regeneron Pharmaceuticals

REGN 741.45

-1.1%

Jan 30 9:30 AM EST

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To: cl who wrote (29)	1/7/1997 2:23:00 PM
From: Patrick Slevin	of 3560

Sure, you have the general idea about calls. Speculation in calls/puts often precedes sharp movements. When that kind of activity shows up, it may be because of leaked info, or impending disaster/takeover/whatever. I thought perhaps it may be speculation on a favorable FDA ruling. I guess time will tell. I haven't seen any recent stuff on insider trading. I gotta take the time to find a web-site with that info. Buying calls is not hedging unless you are short stock. Buying puts is hedging. Most of the trades are in or just out of the money, so a freefall flattens option value. Besides, the calls are way overpriced. A more logical approach (in this situation) would be to own stock & hedge with puts. Unless of course, you know something and you're not supposed to trade while knowing it, if you get what I mean.

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