I expect a CRL, but I also expect that most of the stock price carnage is over.
I previously sold my BIOD for a 20% gain when it was in the low 5's (lucky, not smart) and bought a small position (1500 shares) averaging 4.09
I have sold Nov $4 and $5 calls, (average 1.10 - wow, over 25% of the share price!) which will protect me down to just into the 2's.
If there is approval, I'll have a 50-60% return. If the share price gets crushed, I will incur a loss. If it trades only mildly down, I'll make a modest gain.
The silence this weekend has me thinking CRL, but to me it doesn't matter. I can't unwind my position in the pre-market since I have to cover my calls before I can sell my shares. I'll have to sit by and watch the pre-market volatility. Maybe I'll sip some Maalox (lol).
Why did I invest in this way? The calls were waaaaay too expensive to buy, so I decided that instead of paying the casino on speculation, I would be the casino and take someone else's bet.
I make a great return on a price spike, a moderate return on flat to mildly down, and my losses are moderated by the call premium if the share price collapses.
No emotion here - I just looked at the math & ignored the bashers & pumpers. Low premiums = buy the calls. High premium = sell the calls. As simple as that, esp when the premium seems to totally fund the risk.
Good luck to the many MNKD investors playing BIOD this week. It's interesting - I see the same 20 names all over the biotech message groups. A few of them (not me) dared to hold AVNR and are really happy right now. That would have been a PERFECT covered call play. I'm kicking myself for not having invested. Oh well - I'm still learning.