It's coattailing DNDN. Aschoff should focus his attention on that one; he'd look like less of an idiot short shill. I used to be long CEGE, but they've changed their programs, and burned through a ton of money they once had (through ABGX), so that dilution becomes a concern as they flail about with underpowered trials. Got it on my short radar, but will wait until the FDA rules on Provenge.
I don't expect to own any DNDN. It's roughly 5 (edit: 5.5; edit: almost 6) bucks above my strike with two weeks to go. Shorts blood in the water on this one, but it has to level off pretty soon. Interestingly, the IVs of April options are going up a bit as I watch; even as the share price ascends, my short puts have bottomed for the moment, and even bounced slightly. Expectation of a FDA ruling before the April strike being priced in?
Edit: caveat re CEGE: NUVO is bouncing in front of AACR. I haven't looked, but perhaps abstracts are available, and NUVO and CEGE are presenting something good. Also, Cramer hyped CELG recently; some traders may have confused the names/tickers.
Cheers, Tuck |
