Junius received 180,000 fresh new options each year and seems to use them as income. One would think that is he was bullish on the long term, he would hold them all, but maybe he just prefers to take the cash. Based on the charts, IMGN seems to have bottomed and is moving up. To lower risk, one can always sell calls, or instead of buying stock, sell puts. I do all of the above, hold a core position of long stock, trade some, sell puts after a decline and sell calls after a rise.