MARIANNE news should be released before the end of the year according to Roche. I think someone has been buying shares of IMGN, yet keeping the price down.We see large 10% moves up and then 8% moves down as they attempt to control the price and accumulate more. Maybe that news will come out tomorrow.
It's been a strange 2 weeks, I hope the news is delayed, the call and puts expire worthless and we get to do it all over again on Monday with high premium. Somehow, it never works out that way. For many years, there's been very little risk to selling calls. Maybe the company execs and BOD will finally sell, but it's not been a bankable prediction so far. Looks like a nice move so far today is stalling again. The very best scenario is a sale disclosed on Monday morning.
264 11 strike calls bought for 0.50 today. Maybe bought to close since they have come down from such a high level? But why buy when you get almost 25 dollars per day in decay unless you think thursday is going to be an awesome day?
small contract trades = stupid money typically. Call prices are down big today, but still high for Dec and Jan relative to the stock price. Biotech is taking a pounding today. Must be the baby with the bath water trade, sell everything we need liquidity! Signs of a pending market bottom, but maybe a big scary flush is coming first.
Since we're getting another beat down, it might be interesting to note the latest option trade: 11 contracts that were bought at 18 and 17 dollar strikes for july- but they paid 1.35 for them. Small but tremendously bullish.
IMGN will recognize revs, so that's not new cash unfortunately. It sounds and looks nice, but no effect on cash, which is what IMGN is going to need soon (within 12 months) if Kadcyla revs don't pick up.
It's called having a marketable, profitable product; something the nincompoops on this board would have no concept of.
This is the first time I have not held CBST since FDA announced that Cubicin was approved (2003).
I have not shorted it yet, but thanks for the heads up. We do have good cures for leukemia/lymphoma now, so if those arise from off-target insertions, the risk will probably be considered acceptable given the benefits.
Prices continue to be very high, spreads have narrowed a bit and volume is low. It's a great time to buy and write the $12 call with .50 downside protection (almost 5%) (not much for IMGN) and yield to call of 22% in one week. Those numbers are hard to find.
Dec 9 puts are bid at .30, might get .40, which seems expensive/good for selling. IMO not advice!
looks like the option MM's are giving up on pricing spreads are very wide..I would be just fine if price stays around this level for another week+ and then we get some good news...on Marianne. I would like to sell more options at this price a week from Monday.
I was referring more to pricing/implied volatility than volume, there was not much option volume yesterday, but IMPL-VOL is still high. No news/press releases listed on the Roche web site, so maybe nothing today. SABCS ends on Sat I believe.
what date/strike are you looking at? I only see 100-200 options traded of any particular strike, not like the 5000 opened yesterday.
This stock is volatile and maddening, but I had a feeling it was going higher after the large option traded and turn in a weak market. This 10.47-10.5 is a key area. Let's see if it can hold or break through to $11.