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Biotech / Medical : CYGN
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To: Bhag Karamchandani who wrote (39)11/13/1999 4:14:00 PM
From: StaggerLee  Read Replies (1) of 135
 
The December 10 calls are trading at $2 and the stock's at $10. That's 20% for 5 weeks, which is an implied volatility of 168%. It's tempting to sell covered calls here...

A less risky approach would be to sell the Dec 7.50's here for $3.50. That way, if panel gives a thumbs up you get called away for a 10% return in 5 weeks. If the FDA rejects the watch, you're protected down to $6.50 on the stock, limiting your loss potential.

After what I saw FDA panels do to SNRS and LIPO this year, I'd be afraid to simply hold CYGN shares long at this time.
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