CEPH Message Board - Msg: 1307377

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Biotech / Medical : CEPH

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To: Rohit Nanavati who wrote (128)	5/1/1997 6:31:00 AM
From: Hedge	of 998

Be carefull Rohit. That stratagy has pit falls. The problem is the option premium. If the stock is at 20 on 5-7 the May 20 Calls will be around 2 1/4 and the 22's 1 1/4. If the stock gets approval and moves up only 2 points you will lose the Puts. The Call premium will evaporate and the 20's will break even and the 22 1/2 will be at an 1/8. I think that you must have a 5 point move to the upside to make any money. Mark

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