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

To: Tom DuBois who wrote (2431)	10/21/1997 10:54:00 AM
From: Steve Fancy	Respond to of 6136

Hi Tom, you have to make the decision based on your circumstances, but FWIW, I noticed yesterday that the November options expiration is after both the October and November CPMP meeting dates that John W. (I believe) posted a while back. There's a school of thought that suggests the European approval may come to be during one of their meetings. The dates I had noted are Oct. 20-23, Nov. 17-20, and Dec. 15-18. sf

To: Tom DuBois who wrote (2431)	10/21/1997 12:04:00 PM
From: Randy Schmid	Read Replies (1) \| Respond to of 6136

Tom - are you in a spread or do you just own the 47.5s and 50s? If you just own them, you can (if you're approved at level III options trading) complete a bull spread by selling to open calls at a higher strike, e.g. 55s or 60s (thought the latter don't have too much value). This reduces your overall exposure by paying you the money for the sold calls, which offsets the cost of the purchased calls. You sell up to as many calls as you've bought, at higher strikes. - Called a bull spread. I did this a week ago, selling Nov. 55s against my Nov. 47.5s, reducing my breakeven point (at which I make money) at expiration to 48.5 - I make money if the stock ends above that at expiration. With a spread, you must monitor to buy back the sold portion of the spread while there's still a little time value left in it, if the sold calls are "in the money". Otherwise, you risk assignment, and have to buy the stock to sell it to the assignee, who bought your call. You also cap your maximum profits at the spread itself - in my case, I'm limited to $750 per contract - the 7.5 dollar difference between 47.5 and 55. So if AGPH obeys John W, as well all hope it does, then I won't make any more than if it peters out at 55 or so. Thats the risk reward trade off. Luckily, I own calls with expirations further out, so I will continue to benefit from a rising price. Hope it helps, Randy

To: Tom DuBois who wrote (2431)	10/21/1997 5:13:00 PM
From: JOHN W.	Respond to of 6136

On the horizon: AG3340 data/AG2034 data.

To: Tom DuBois who wrote (2431)	10/21/1997 8:48:00 PM
From: JOHN W.	Respond to of 6136

<does anyone see anything of substance on the near horizon that will propel AGPH toward John W's "70 by Nov"?> To amplify: YES!!! From RS&C (10/20/97): 1) Continuation of Phase III studies Thymitaq in head & neck and liver cancer. 2) Filing of IND for AG3340. (huh?) 3) Phase I data from AG2034 (Gart Inhibitor) expected 2H:97. 4) Continuation of Phase IV program for Viracept, including results from ongoing double protease inhibitor trials expected late 1997 and early 1998. 5) Additional corporate collaborations. 6) Additional geographic approvals for viracept. IMHO, European approval anticipation will drive at least to 75 (then quickly sell off after approval). A third consecutive blow-out quarter, (3 quarters is what Metcalf has pointed out to as significant.) Also, announcement regarding the rhinovirus selection (within a couple of weeks) and entrance into clinical trials.