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Strategies & Market Trends : Option Strategies
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To: Cliff0rd who wrote (1742)8/22/2016 2:44:57 PM
From: TheNoBoB2 Recommendations

Recommended By
Cliff0rd
Jim P.

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Re: AMGN PDUFA

An FDA decision of Amgen is going to take place at 24th of August 2016. Almost no volatility increase in the options has occurred.
The options market is telling you that the decision is a virtual slam dunk for approval. The Phase III trials for etelcalcetide met the primary endpoint and met or exceeded the secondary endpoints, so unless Amgen screwed up the paperwork, there's unlikely to be a profitable event here as approval is considered a formality at this point.

But you never know. There could be a short term spike on the headline, and the options expiring this Friday are cheap enough (but note that although the FDA strives to meet their PDUFA deadlines, they're not obligated to do so).

I'm not sure what broker you're using, but I see $2.50-wide strikes thru the September weeklies, and $5 thereafter, so you should be able to enter a $175 straddle if you insist.
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