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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (23520)	4/23/2007 12:11:35 PM
From: Robohogs	Respond to of 52153

Pretty severe vol compression occurring right now. Wish I had sold more of the 10 and 12.50 puts for May as they are getting creamed here even with stock down. I assume the very longest dated stuff is higher priced because MNTA is on record saying they hear something this summer? what is standing out most to you right now? Jon PS A synethic short using the June 15s would be bid $15.70 ask $15.95. For September the numbers are $15.70-16.20. Not that you get ever get the higher numbers just taking the worse price and adding combined spread. Decembers (yes they are there) would be 15.60-16.20 so no real mispricing due to shorting.

To: Biomaven who wrote (23520)	4/24/2007 6:05:35 AM
From: Robohogs	Read Replies (2) \| Respond to of 52153

Hey Peter, I just looked over the map again from Friday's close. It is very weird. The May profile was downward slope all the way out to 30s for the calls. Usual pattern is low vol around the current spot price and with up-slopes either side (can be off 1-2 strikes but by 4+ with no increase along curve). This would seem to indicate not a lot of deep OTM calls being bought for whatever reason. In the Mays, OI in the puts is much higher than in the calls and volumes were much, much larger. The put vols bottomed in the 22.50 strike - a weird place to bottom. Put vols were much higher. Numbers will be a bit better on Monday data. Jon