Be nicer if he bought 10x as much at this price. Since he made about 8 million last year I guess this isn't going to break the bank.
I so want to believe you are right and I am wrong in my thoughts about this. I have so little left at this point it really doesn't matter any more what happens.
I was referring to the $2.00 Puts of course.
I don't like the looks of this at all despite the claim that this is a bullish sign because it means someone sold these options as well for a huge profit if they expire worthless. The smart money isn't always the sellers of option in this situation. If the market reacts to a negative FDA decision which we all know is theoretically priced in already it might still drop to 1.00 briefly due to the negative hype surrounding the news and you will see that 300K bet double in value quickly. Kinda worrisome to me.
Yes, I was referring to the $2.00 Puts expiring 12/21.
Somebody or some MM decided that this is a bet worth placing since we all know the FDA will reject Amarin on 12/20. They expect the price to go significantly below 1.50 that day (if it goes to 1.00 then they essentially double their money). If JZ did this we REALLY should be concerned!
Thanks for clarifying that. I remember this discussion of reverse conversion a while back in retrospect. Seems to happen very frequently with ARNA. They short sell in large blocks then do the reverse conversion and still manage to make money on the deal by creating a synthetic long position. Oh the games never end.
5000 contracts traded for both sides (Calls were only penny and deep ITM puts were 5.80) . Is this a hedging position taken by a HF with a heavy short position?
The debacle that just keeps on giving. I am debacled out on both of these stocks. I almost am about to put the last 7 grand I have into AMRN at 1.60 just to pray I make a teeny bit back if it ever gets back to 2.00. I still have hopes for ARNA and can wait it out for another year or so (unless it turns into AMRN and drops to 1.60).
jordanianskis-Thanks for your comments. Yes, I walked down the SNSS gang plank a few years back and managed to lose a nice chunk of change with them too (about 120K) after that surprise 6:1 Reverse Split. Got despondent about that loss and didn't see it ever returning to my purchase price which was about 4.20 originally (corrected for the split) so sold to avoid further losses. Of course about a year later the stock shot up to almost 6 bucks and now is a little over 5 bucks which would have been a great profit if I had simply just held and NEVER bought AMRN. It seems that timing and luck have more to do with investing than serious DD or technical analysis.
ucamjf- Like your movie titles! The way I feel right now I almost wish Freddy Krueger paid me a visit tonight.
15 cents a day loss. Can this really happen? I have held stocks to zero before (INIT and SUNW and a few others). This wasn't supposed to happen this time though. It has been a total clusterflock. Oh, but Happy Halloween everyone!
I feel your pain. I lost about 450K in this myself and unfortunately I learned that science and Wall Street are in 2 different galaxies. This has been a true nightmare.
What a difference a few weeks makes. The nightmare scenario continues to unfold today after the negative SPA decision by the FDA. What exciting news to we get tomorrow on Halloween? That Ghosts & Goblins have gotten severe side effects from taking Vascepa and the FDA is issuing a Black Box warning now?
I was really depressed looking at the price of 4.37 and suddenly I blinked and it was 4.49. Now I am getting depressed again after it retraced to 4.43 again after that big block buy. AMRN already wiped me out, I was hoping ARNA would rescue me. Looks like that is wishful thinking on my part. I need this to get back to 7 just to break even. Sigh...
Luckily it can't go below zero, right? It's the only thing I have left in my IRA and after losing 75% there overnight. Thought it would stabilize around 2+. Getting beyond ridiculous now.