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Biotech / Medical : Biotech Derivatives
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To: Merritt who wrote (354)8/11/1999 3:18:00 PM
From: LLCF   of 555
 
<The Sept 30 calls are 2 1/2 (seems pretty rich to me) and the Sept 22 1/2 puts are 1 3/8.>

Calls are 1 3/8... didn't look at the puts, but with the stock trading 26 they have to be at least 4 bucks.

<I take it you don't feel there'll be enough volatility to justify a straddle>

Normally no... but I believe this could be big news ONLY IF DISMISSED... long shot. That's why I don't like Puts for protection, no way INCY can lose in this round... could be delayed which would be status quo IMO.

DAK
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