March and June are the key months. March = ESTABLISH-2 results, but I believe options may expire before results posted. By June I'm looking for a European partner, NDA filing and initiation of pneumonia and bacteremia trials. Exciting 2013 for Trius. You can always throw Trius into the buyout conversation too.
Personally, I'm looking to sell some covered calls in March/April or June at the 7.50 or 10 strikes if I can get a nice premium. I think 10 strike makes you money and 7.50 strike may cut your short if everything goes as expected.
800 controls only controls 80,000 shares. I bought roughly 40,000 shares outright I still think they will do well by June and the options should pay off, but stock has to go to $6.50 for the holder of that contract to at least break even or do better before the expiration. No volume on any contracts today,