There are over 23,000 open call contracts at $20 strike price. Absent some positive news, it might be tough to get over $20. Clearly the writers of those contracts will do all they can to see them expire worthless. Maybe news on or about the 15th will propell Elan past that point. There are 5 weeks until the next option expiration. Strange things seem to happen to the price of many companies the last week as options expiration approaches. JMO. unclebake.
as I have been posting for a week now, eln will close at 20.00 (give or take 20 cents) unless positive news comes out this week. Options is a big money game for the options writers and no chance those 23,000 calls at 20.00 are going to allowed to finish much in the money.
we will see atleast $22 by friday and don't be surprized if the 22.5's are worth something as well!!!! take a look at last feb to see what they did to the PPS for the last few trading days before options expired!!! looking for it and ENJOYING THE RIDE!!! lol punting