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Biotech / Medical : Ionis Pharmaceuticals (IONS) -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (2677)	9/10/1999 5:02:00 PM
From: Doc Bones	Read Replies (1) \| Respond to of 4676

FWIW Just sold 20 Jan 12.5 ISIP that I'd had for a few months. The market was 2 11/16 - 3 with ISIP @ 13 7/16 (Little action in the calls - volume 7, so quotes aren't totally current). With ISIP @ 13 5/16, I put in a sell order at 2 15/16 - instantly filled at 3, offer went to 3 1/16, I believe. (I know these calls aren't nearly as high-priced as the Oct. 15s you mentioned.) Conclusion: there are some eager buyers out there. I would think the market makers would probably be buying as they would be short against the public (?). Especially as they put a lot of faith in historical volatility (me too) and the July volatility was 31 - you'd think it was General Motors! (A broker gives the last 30 days as volatility 67.) I bought the calls originally because I didn't think it was General Motors. An article in Biospace.com said: good news - they own anti-sense technology, bad news - no one else wants it. Basically it was a very positive article, though I've since concluded that biospace is pretty pro-industry, and tends to root a bit, but still an excellent source. The anti-sense thing and the fact that some of the brightest bio minds on SI said ISIP was hard to figure, made me think it was potentially volatile, even if the stock was sleepy. Selling the calls was just trying to take advantage of a good market - no reflection on ISIP, which I still think has real long term potential (opinion of not one of the brightest bio minds.) [OT to DAK - I was doing nicely in CELG but then I got blind-sided by this nut who was feeling squirrely about it, and I got out at 22. Then I decided I should get in again yesterday at 24, and was happy to see it open today at 22 - made my losses easy to figure <GG>. I don't blame anyone for my misdeeds, and I appreciate the great insight(INCYTE).] Doc