CLSN130216C09: $3.30, 4235 open
CLSN130216P09: $4.20, 386 open, $1.10 over the calls
EXAS130216C11: $1.15, 185 open
EXAS130216P11: $0.60, 667 open, $0.55 under the calls
How does one interpret the difference?
What you're observing is the market's valuation of option premium in a high risk situations like CLSN, versus low risk situations like EXAS. The CLSN call option premium is telling us that there is a greater likelihood of Celsion doubling over night just as the put premium is telling us that it could drop in half just as easilty. Options in EXAS will likely resemble those seen right now in EXAS in another month or 6 weeks. My advice is to follow Kirky's advice.....
without knowing anything about the CLSN story, the large premium on both sides suggests to me that there is a binary event on the horizon that will significantly move the pps in one direction or the other. EXAS, on the other hand isn't expected to have any pps-moving news until March, hence the lower premium.
The current Feb options price in EXAS suggests to me that there is little fear of a large downside move between now and Feb expiry.
Right HS and that higher the option premium the greater the risks and rewards. Though, remember, it is the pros generally selling options (not buying) and usually the higher the premium goes the risk outpaces the potential rewards as speculators are generally late and bad at speculating.
The difference in options premiums comes down to the IMPLIED VOLATILITY that the market place has put into the option price.
As Mr. Egg and Highscorer have noted above, CLSN's options are reflecting much higher IMPLIED VOLATILITY given the binary event that it is facing at the end of the month.
EXAS should see the same thing happening as we grow closer and closer to the month of March, and its binary event..... given release of top-line "Deep C" data.
Once one gets thru the "binary" event, the IMPLIED VOLATILITY will obviously begin to decline. Options pricing is not a "static" proposition or calculation.
It is a highly "dynamic" one.