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Rigel Pharmaceuticals, Inc. Message Board

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  • balhara balhara Jun 26, 2009 9:45 PM Flag

    From RIGEL Investor Relations...

    hey egriton
    did you end up buying the july options or aug/sep options..

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    • balhara,

      I currently only hold the stock. My guess is that Taski2 will be released options expiration week or the week prior. I assume Taski3 won't be released until after July expiration.

      It looks like RIGL is moving up in anticipation of the data. In early July, I will probably sell $12.50 July calls, possibly $15 calls, depending upon price.
      I wouldn't be long or not long too much $ in July OTM options just in case Taski2 isn't released before expiration.

      If you do want to take a shot at July contracts, one way to play them is wait until July 10th or so and establish an OTM position then, once time value is nearly gone. Just in case they do release before expiration, you can make a bundle. I missed April contracts with DNDN since I expected the release of their Phase III to be on the 28th. But the CEO let the cat out of the bag on the 14th...if I recall: could have made something like 50x on the $10 calls since the stock jumped from around $7 to the high teens.

      For August, I'll probably set up a straddle, another covered call (collared) or just buy august $15 calls. I have yet to decide.

      I'm also following SVNT, which was a great position over the past month for me, I sold my ITM options before expiration, but I still own stock, awaiting the PDUFA date (aug 1st); HGSI which had a great covered call play last week (and still quite good): 25% downside protection, 20% ROI; and am on the fence about SPPI -- would have loved to have gotten in a week ago -- but still considering playing the July 2 PDUFA date.

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