NaughtyPines

SOLD SRPT AUG 26TH 35 CALL

NASDAQ:SRPT   SAREPTA THERAPEUTICS INC
... for a 2.85 ($285)/contract credit.

This will complete an Aug 26th 10/35 short strangle worth 4.15 in credit ($415)/contract, which I'll shoot to take off at 50% max profit.

Because I already had the 10 short put on, this doesn't cost me any additional buying power. This will also give me some protection to the short side, since I think that this is more likely to implode than explode. Naturally, I hope to be out before any of that "splosion" occurs.
Trade closed manually: And ... out my last setup in this "wicked illiquid" underlying. Out for a 3.13 debit, so $99 net profit per contract (4.15 credit - 3.13 debit - fees/comms).
Sarepta is going to explode to the upside soon. It's better to be holding calls and playing for the real money than the little stuff.
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Well, good luck with the long calls. It could just as easily fail in epic fashion. This is a one trick pony drug company with a flawed trial under its belt without a control.
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staraman NaughtyPines
That's how it 'seems' to all the sucker retail shorts that piled into the trade. Smart shorts have been covering... lift off soon!
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I was in around that huge low, but bailed a touch early. Guess I'm just betting on it sticking between 10 and 35 running into expiry, but also rooting for the success of this drug for the kids involved in the study. Last FDA hearing was somewhat gut-wrenching listening to parents' stories.
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staraman NaughtyPines
Sure was
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It's going to explode to the upside very soon. Better to reload on solely on calls.
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It's kind of a roller coaster. Don't like seeing that 8 to the left ... .
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staraman NaughtyPines
Two options with biotech, trade small momentum or do a ton of research and go all out.
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You're right about the research; trading this stuff decently requires more "work" than I usually like to do. Biotech's not for everyone, since it requires a bit of scientific understanding that's not ordinarily present in other stock trades.
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