You have to classify your act and yourself either you are an investor or simply a day trader. As an investor there is a great reason to buy the shares in a company you believe that the potential growth is great. You can never create a portfolio based on CALLS/PUTS. You buy the calls or the puts to hedge the fund if you afraid of the market. You must have the shares in order to hedge and not to buy naked ones. The very importance of buying the shares is not to loose the great opportunity in a company because you can not time the market while buying the calls/puts is timed. The market fluctuate and the share fluctuate as well above or below the strike price if the calls/puts have to expire while the share price is either below the strike price in case of calls or above in case of puts you loose all your investment in that specific trade. Buying the shares make you own a part in the company equals to you shares percentage portion in that company. I believe there is a huge opportunity in this company have to be captured, do not miss this opportunity. Good luck.
Manipulation and derivatives trading help shorters to cover their short positions on the account of scary and weak investors who know nothing about the fundamental of this company and they can not estimate and evaluate the value of the FDA approval and the company ability to make this approval work on the best of the company interests. I estimate $250 million for just the approval. The company must work harder to make of much higher value. I do not understand who sold their shares at $1.17 or even $1.3 why they are investing in this company. Simply every share you sell at this stage will be swallowed by shorters who are very hungry to have your shares. At $5 in two months you will ask yourself why I have sold my shares. Goodluck.
If I had a million dollars to invest, I would put a large portion into the common shares. Since I am trying to run a few tens of thousands into a million, I invest in options. I actually do totally agree with your points though.
This is a value investment at these levels (SVNT traded at $15/share before Krystexxa was approved), as well as a momentum play.