Since my March post, I have traded Juno put sales regularly and done well. However, I'm becoming increasingly wary of doing so, and will probably not buy any dips with this strategy with puts that don't expire before a data readout. Luckily, I had no position when Juno released its latest JCAR017 data. We find plenty of neurotox, though none fatal. But the preconditioning regimen is still required and still causing problems. One fatality that the investigator attributed to the full treatment regimen. Obviously, these are very sick and desperate patients, and some were enrolled with neurotox already going, I gather. Because of that, the stock has held up reasonably well. But another round of severe tox and another patient death or two might be enough to really tank the stock.
Today I sold some June 20 puts, which won't make me a lot, but seems pretty safe. After that, I'd have to take a hard look at potential news flow.
I see Bellicum is also plumbing lows these days. There is no kill switch available for the preconditioning regimen.
Cheers, Tuck |
