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Biotech / Medical : Biotech Derivatives

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To: LLCF who wrote (217)	5/24/1999 11:21:00 PM
From: LLCF	Read Replies (1) of 555

O.K. May expiration has come and gone... the two plays put on for "news" (CEPH Provigil sales, CORR integrelin sales) have expired... verdict is... Blah. Made good money on CEPH but because I leaned way long and was bullish.... the play to buy a "neutral" straddle was a loss of 2k on a 3k investment (rounding incl.commish), CORR straddle (neutral) was a gain of 1k on a 2k investment (w/commish). Clearly this news wasn't big enough to warrant the play. Notes on big moves shows that SCIOS would have been HUGE if I was on the ball... don't follow the stock, and didn't realize their destiny with Mr. FDA was so important to the company... on the other hand if the drug was approved and the stock went up 2-3$ it would have been a loser to buy the straddle... don't know where the stock would have opened with a positive outcome. THIS IS THE KIND OF THING WE'RE LOOKING FOR... (SCIOS). Anyway... I'll keep my eyes open, any ideas would be greatly appeciated... DAK

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