Only difference was that in November 2012 market knew when results of Phase II for ACAD would be released. Call option premium for then current month was $.90 for a $1.9 stock. When results came out good price opened in $5 range- now $28. Market doesn't seem to know when PPHM results will be available. Presents good opportunity.
That is 2/3rds of the classic equity collar trade. Other piece is to purchase longer term puts to act as insurance and then compute your net possible loss should the stock move sharply before March 22nd. Good luck.