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BGZ: The market is getting pounded today just as I had anticipated. The Chinese rate hikes pushed it over the edge IMO. I'm looking forward to see what tomorrow brings as analysts are expecting that the cash injection via QE2 may be less than anticipated.........and the dollar continues to rise.
JCP: To me, it's unbelievable that JCP is holding up as well as it is today despite the company's enactment of a poison pill and a 200 point down day in the market. I have a feeling that Bill Ackman has misjudged his investment in JCP. It will be interesting to watch this story unfold.
AVNR Calls: I picked up 10 Nov $2.5 calls today by sitting on the bid. I may pick up a few more to hold through the decision, but I'm not really a huge fan of letting the FDA decide my financial fate.
BGZ Calls: Of the 157 $11 Nov calls that I had, I sold 57 today for a nice profit and I will ride the remaining calls through the week. I believe there is still much more downside correction in the market to come.
BGZ Calls. Looking very nice today. I'll be holding most of them through the week as I believe we have a decent correction coming.
JCP Puts: Sold for a small profit about 45 minutes after buying.
JCP Puts: Bought some $34 Nov JCP puts this morning on the news of the enactment of a poison pill by the company to prevent hostile takeover.
BGZ Calls: On Friday I started building a bearish position on the market by buying Nov BGZ Calls. I personally believe that the Fed's proposed QE2 is already factored into the market and we are on the brink of seeing a major sell-off. Next week will be interesting as we are already seeing a sell-off in the financial sector as well as the semiconductor sector. I believe that these are catalysts that will ultimately bring down the market as a whole. On that note, I will be looking to place puts on both of those sectors on Monday.
I will also be closely following the dollar. There seems to be a consensus that the dollar will continue to fall against the Euro, but I disagree. I believe that he dollar is extremely oversold and will jump back against the Euro. This goes hand in hand with my belief that the market is on the verge of seeing a major sell-off, as an increasing dollar should also help bring the market down.
This is what I will be watching for Monday. If the market continues up for the near term contrary to my belief, I will use my BGZ calls as a hedge while I play the uptrend.
GLTA.
AVNR Calls: I sold my remaining 10 contracts of $2.5 Dec Calls this morning @ 1.45. I am now all out of AVNR. AVNR provided a nice profit on the run up and I decided to lock in the profit rather than risk the FDA decision later in the month.
JCP Puts: I sold all of my JCP $33 Nov puts today. 123 contracts in total for a nice profit. I decided that JCP is just too tied to the market and may not make the big downward move independent of the market that I had hoped for. I decided to take my money off of the table instead of letting the time decay eat away at potential profits.
BTW, I figured I might as well play ETFs if I want to play something that is pegged to the market as JCP appears to be at the moment. Hopefully for those still in JCP will be rewarded for their patience.
GLTA.
JCP Puts: I forgot to mention that I added a significant number of $33 Nov puts (in addition to the 23 contract starter) in another account yesterday at all levels.
I have no idea on the protest timeframe, I would imagine it could be months to work thru the process but again not sure Prado.
SIGA: Interesting Mark. Obviously you also believe that SIGA should not be considered a small business. Do you know how long a resolution (if one is warranted) to the protest by Chimerix may take?
$500 million in revs and possibly $2.8 billion if all options are exercised is nothing to sneeze at. It could have a tremendous upside still if those options are exercised. These are just my initial thoughts though without digging into it too much. It may even be worth investigating a strangle on this one.
Here is the background. I guess some say SIGA is not a small business and should not be awared the contract....
SIGA Technologies, Inc. (SIGA) Selected for the Procurement of Smallpox Antiviral Drug for Strategic National Stockpile
SIGA Technologies Inc. is a leading company specializing in the development of pharmaceutical agents to combat bio-warfare pathogens. The company reported today that the US Department of Health and Human Services (HHS) has announced its intention to award a contract to SIGA Technologies.
The contract entails SIGA Technologies delivering 1.7 million courses of its smallpox antiviral for the Strategic National Stockpile. This contract is pending resolution of issues relating to SIGA’s status with the Small Business Administration. Another small business which was an unsuccessful bidder, Chimerix, has filed a protest with the government saying that SIGA should not be considered a small business and awarded the contract which was set aside for small business.
The base contract, if finalized, is expected to generate revenues of approximately $500 million, and the entire contract, if all options are exercised, is expected to generate revenues of approximately $2.8 billion. The chairman and CEO of SIGA, Dr. Eric A. Rose, stated “We are very proud that HHS has selected our groundbreaking drug, ST-246, for this important acquisition.”
The news of the contract award was very well received by Wall Street. The stock of SIGA Technologies is currently trading at $12.80, up $4.24 or nearly 50% for the day. Volume is a massive 7 million shares which dwarfs the average daily volume of about 280,000. For more information on SIGA and the contract award, visit the company’s website at www.siga.com.
TZA/BGZ Calls: I will be evaluating an entry into BGZ Calls this evening after I do an analysis of the overall market sentiment going forward.
SIGA: I don't know the story behind the major upward move, so I'll have look into it a little further.
Good luck Mark. I hope it works out for you.
JCP Puts: After observing JCP again today it appears that the continued accumulation and/or short covering is directly tied to the overall market performance (i.e. if the dow ticks up, JCP ticks up, if the dow downticks, JCP downticks). I'm beginning to wonder if we will see a flush out here even though JCP is extremely overbought. I'm willing to hang in there for the moment to see, since I'm still well in the green. However, every day I have to stay in this one costs money, so I will re-evaluate my position here after the bell today. GLTA
SIGA, bought some more $12 PUTS... Eeeek
TZA/BGZ Calls: I'm Looking at buying Nov calls if we get a confirmed reversal in the market uptrend over the next few days. VIX had a reversal today (standing by for confirmation of the reversal), so on watch for the bears to take over.
AVNR Calls: I sold 17 more contracts today @ 1.50. I only have 10 contracts remaining going into the PDUFA decision later this month.
JCP Puts: It was a wild ride today, but thankfully the account is nice and green. Furthermore we finally put a beautiful red candle on the chart today after 14 days straight of nothing but upward movement.
Looking for more downside here over the next few days. RSI is still 87.45. Plenty of room to go down IMHO.
JCP Puts: Bought 23 contracts of $33 Nov JCP puts. Looking for this one to continue to crash over the next few days. It's definitely due for a downward adjustment IMHO. RSI is @ 84 as I write this....even after the down turn this morning.
ALKS Calls: I sold all of my calls this morning for a slight loss. I made $350 on the Oct 15 calls and lost $500 on the Oct 16 calls for a total loss of about $250 total after commissions. Could have been a lot worse if I had waited 30 seconds longer to sell.
You too Mark. I'm really hoping that ALKS at least gets to $17 tomorrow. That would double my money on the Oct calls. That said, AH trading wasn't stellar, but with the second PDUFA date approaching, I think we should at least hold in the $16's. Another factor is how the shorts are going to play it tomorrow. Short interest at the end of Sept was about 6.5 million or around 7% of the float. Hoping for a good day tomorrow. Good luck to you Mark.
ALKS, Approved!! Congrats Prado, I too went for $15 & $16 calls at the close today but I played it a bit safer in taking Nov calls...
Press Release Source: Alkermes, Inc. On Tuesday October 12, 2010, 6:38 pm
WALTHAM, Mass.--(BUSINESS WIRE)-- Alkermes, Inc. (NASDAQ:ALKS - News) today announced that the U.S. Food and Drug Administration (FDA) has approved VIVITROL® (naltrexone for extended-release injectable suspension) for the prevention of relapse to opioid dependence, following opioid detoxification. VIVITROL is now the first and only non-narcotic, non-addictive, once-monthly medication approved for the treatment of opioid dependence. VIVITROL was approved by the FDA in 2006 for the treatment of alcohol dependence and should be used as part of a comprehensive management program that includes psychosocial support.
“Opioid dependence is a serious and chronic illness characterized by high rates of relapse,” stated Dr. Marc Fishman, Assistant Professor of Psychiatry, Department of Psychiatry and Behavioral Sciences, Johns Hopkins University School of Medicine. “VIVITROL is an opioid-blocking medication that offers patients and physicians a once-monthly medication to prevent relapse to opioid addiction.”
“As an organization that helps families find treatment and offers support for loved ones with addiction, we see firsthand that opioid dependence is one of the most significant health issues facing our nation. This new indication for Alkermes’ product as a non-addictive approach to prevent relapse to opioid dependence brings new hope to the families we serve,” said Steve Pasierb, President and Chief Executive of The Partnership at Drugfree.org.
“Opioid dependence is a growing disease and we believe that VIVITROL offers physicians and their patients a whole new approach, as the only long-acting, non-addictive treatment for opioid dependence,” stated Richard Pops, Chief Executive Officer of Alkermes. “We look forward to helping to improve the lives of patients with this chronic and debilitating condition.”
The FDA approval of VIVITROL for the prevention of relapse to opioid dependence was based on data from a six-month, multi-center, randomized phase 3 study which met its primary efficacy endpoint and all secondary efficacy endpoints. Data from the intent-to-treat analysis showed that patients treated once a month with VIVITROL demonstrated statistically significant higher rates of opioid-free urine screens compared to patients treated with placebo (p<0.0002). VIVITROL was generally well tolerated in the study. The most common clinical adverse events experienced by patients receiving VIVITROL during the study were hepatic enzyme elevations, nasopharyngitis and insomnia.
For a copy of the VIVITROL full prescribing information, including boxed warning, please visit www.vivitrol.com or call 1-800-VIVITROL (1-800-848-4876).
Conference Call
Alkermes will hold a conference call at 8:00 a.m. ET on Wednesday, October 13, 2010. The conference call may be accessed by dialing 1-888-517-2470 for domestic callers and 1-630-827-6818 for international callers. The conference call ID number is 7124150. In addition, a replay of the conference call will be available from 10:30 a.m. ET on Wednesday, October 13, 2010, through 5:00 p.m. ET on Saturday, October 23, 2010, and may be accessed by visiting Alkermes' website or by dialing 1-888-843-7419 for domestic callers and 1-630-652-3042 for international callers. The replay access code is 7124150. The archived webcast will be available on the Alkermes website at www.alkermes.com.
About Opioid Dependence
A chronic brain disease, opioid dependence is characterized by cognitive, behavioral and physiological symptoms in which an individual continues to use opioids despite significant harm to oneself and others.1 The misuse of opioids can create euphoria of such intensity that it reinforces drug taking behavior and may lead to opioid dependence or addiction.2 In addition to the use of heroin, an illegal opioid drug, opioid dependence includes the non-medical use of opioid analgesics, including prescription pain relievers, and represents a growing public health problem in the U.S. According to the 2009 U.S. National Survey on Drug Use and Health, an estimated 1.6 million people aged 18 or older were dependent on pain relievers or heroin.3 The overall cost of heroin addiction in the U.S. has been estimated to be approximately $22 billion, including productivity losses, criminal activity, healthcare and social welfare costs.4
About VIVITROL
VIVITROL is the first and only once-monthly, extended-release injectable medication for the treatment of alcohol dependence and opioid dependence. The proprietary Medisorb® drug delivery technology in VIVITROL enables the medication to be gradually released into the body at a controlled rate over a one-month time period. The VIVITROL clinical development program was funded in part with a Small Business Innovation Research Program grant from the National Institute of Drug Abuse (NIDA). For a copy of the VIVITROL full prescribing information, including boxed warning, please visit www.vivitrol.com or call 1-800-VIVITROL (1-800-848-4876).
VIVITROL IMPORTANT SAFETY INFORMATION
VIVITROL is contraindicated in patients with acute hepatitis or liver failure, patients receiving opioid analgesics, patients with current physiologic opioid dependence, patients in acute opiate withdrawal, any individual who has failed the naloxone challenge test or has a positive urine screen for opioids, and in patients who have previously exhibited hypersensitivity to naltrexone, polylactide-co-glycolide (PLG), carboxymethylcellulose or any other components of the diluent.
Naltrexone has the capacity to cause hepatocellular injury when given in excessive doses.
Naltrexone is contraindicated in acute hepatitis or liver failure, and its use in patients with active liver disease must be carefully considered in light of its hepatotoxic effects.
The margin of separation between the apparently safe dose of naltrexone and the dose causing hepatic injury appears to be only five-fold or less. VIVITROL does not appear to be a hepatotoxin at the recommended doses.
Patients should be warned of the risk of hepatic injury and advised to seek medical attention if they experience symptoms of acute hepatitis. Use of VIVITROL should be discontinued in the event of symptoms and/or signs of acute hepatitis.
VIVITROL is administered as an intramuscular (IM) gluteal injection. Inadvertent subcutaneous injection of VIVITROL may increase the likelihood of severe injection site reactions. VIVITROL must be injected using one of the customized needles provided in the carton. Because needle length may not be adequate due to body habitus, each patient should be assessed prior to each injection to assure that needle length is adequate for IM administration. VIVITROL injections may be followed by pain, tenderness, induration, swelling, erythema, bruising or pruritus; however, in some cases injection site reactions may be very severe. Injection site reactions not improving may require prompt medical attention, including in some cases surgical intervention.
Consider the diagnosis of eosinophilic pneumonia if patients develop progressive dyspnea and hypoxemia. Patients should be warned of the risk of hypersensitivity reactions, including anaphylaxis. Opioid-dependent patients including those being treated for alcohol dependence, must be opioid- free for a minimum of 7-10 days before VIVITROL treatment. Attempts to overcome opioid blockade due to VIVITROL may result in a fatal overdose. After opioid detoxification, patients are likely to have reduced tolerance to opioids. Use of lower doses of opioids after VIVITROL is discontinued, at the end of a dosing interval or after missing a dose could result in life threatening opioid intoxication. Alcohol- and opioid-dependent patients, including those taking VIVITROL, should be monitored for the development of depression or suicidal thoughts. As with any IM injection, VIVITROL should be administered with caution to patients with thrombocytopenia or any coagulation disorder. In an emergency situation in patients receiving VIVITROL, suggestions for pain management include regional analgesia or use of non-opioid analgesics. Patients requiring reversal of the VIVITROL blockade for pain management should be monitored by appropriately trained personnel in a setting equipped for cardiopulmonary resuscitation. Caution is recommended in administering VIVITROL to patients with moderate to severe renal impairment.
The adverse events seen most frequently in association with VIVITROL therapy for alcohol dependence include nausea, vomiting, injection site reactions (including induration, pruritus, nodules and swelling), muscle cramps, dizziness or syncope, somnolence or sedation, anorexia, decreased appetite or other appetite disorders. The adverse events seen most frequently in association with VIVITROL in opioid-dependent patients include hepatic enzyme abnormalities, injection site pain, nasopharyngitis, insomnia, and toothache.
About Alkermes
Alkermes, Inc. is a fully integrated biotechnology company committed to developing innovative medicines to improve patients' lives. Alkermes developed, manufactures and commercializes VIVITROL® for alcohol and opioid dependence and manufactures RISPERDAL® CONSTA® for schizophrenia and bipolar I disorder. Alkermes' robust pipeline includes extended-release injectable and oral products for the treatment of prevalent chronic diseases, such as central nervous system disorders, addiction and diabetes. Headquartered in Waltham, Massachusetts, Alkermes has a research facility in Massachusetts and a commercial manufacturing facility in Ohio.
Certain statements set forth above may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the successful commercialization of VIVITROL and the potential therapeutic and commercial value of VIVITROL for the prevention of relapse to opioid dependence, following opioid detoxification. Although the company believes that such statements are based on reasonable assumptions within the bounds of its knowledge of its business and operations, the forward-looking statements are neither promises nor guarantees. The company’s business is subject to significant risk and uncertainties, and there can be no assurance that its actual results will not differ materially from its expectations. These risks and uncertainties include, among others: whether the therapeutic results demonstrated in our clinical study of VIVITROL for opioid dependence will be predictive of therapeutic results when commercialized; whether VIVITROL will be commercialized successfully and whether third party payors will cover or reimburse VIVITROL for the prevention of relapse to opioid dependence, following opioid detoxification. For further information with respect to factors that could cause the company’s actual results to differ materially from expectations, reference is made to the reports the company filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. The forward-looking statements made in this release are made only as of the date hereof and the company disclaims any intention or responsibility for updating predictions or financial expectations contained in this release.
VIVITROL® and Medisorb® are trademarks of Alkermes, Inc.; RISPERDAL® CONSTA® is a trademark of Janssen-Cilag group of companies.
1DSM-IV-TR, American Psychiatric Association.
2Tomkins DM, Sellers EM. Addiction and the brain: the role of neurotransmitters in the cause and treatment of drug dependence. CMAJ. 2001 March;164(6): 817-21.
3SAMHSA, Office of Applied Studies, National Survey on Drug Use and Health, 2009. Accessed from http://www.oas.samhsa.gov/NSDUH/2k9NSDUH/tabs/Sect5peTabs1to56.htm#Tab5.14A on October 7, 2010.
4TL, Woody GE, Juday T, Kleber HD. The economic costs of heroin addiction in the United States. Drug Alcohol Depend. 2001 Jan;61(2): 195-206.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6464874&lang=en
MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6464874
Contact:
Alkermes, Inc.For Investors:Rebecca Peterson, 781-609-6378
AVNR Calls: I sold 3 Dec 2.5 contracts today @ 1.55. I have 27 contracts remaining. I still plan to sell 7 more contracts before the PDUFA date, and hold the remaining 20 through the decision later this month.
ALKS Calls: I went high risk and bought both $15 and $16 Oct calls for ALKS today. A FDA decision regarding Vivitrol is expected this afternoon, or before the bell tomorrow. GLTA
Thanks buddy. It's going to be slow getting it going, but it will get there. Have a great weekend my friend.
Marked your board, Congrats !!!
i am just a lurker here
gl
Thanks Mark. I appreciate you stopping by.
Nice trade Prado. Boardmarked.
I had 50 AVNR Dec 2.5 calls which I bought for 1.10. Today I sold 10 contracts for 1.55 and 10 contracts for 1.60. At the moment, I plan to sell 10 more contracts into the pre PDUFA run-up and hold 20 contracts through the decision. GLTA
Level, I think that DD (big board style) can go a long way with options. It might be right up your alley IMO. Right now I'm just playing charts and events more than anything, but I'm hoping to get deeper into it in the future.
The Rags to Riches guys are top notch. I lurk there quite a bit. I also follow langlui and the guys on the Options Wonderland board. Our friend Mark has also been very helpful behind the scenes. He definitely knows his stuff in the options world. I admittedly only know the basics, but I'm always learning from my peers.
Here's a link to Options Wonderland. I highly recommend checking it out if you get a chance.
http://investorshub.advfn.com/boards/board.aspx?board_id=5176
Was thinking of transitioning some funds into options, but for now no, need to be better educated on it to consider. Have always been a better DD'er than trader... I know some of the guys on the Rags to Riches board do quite a bit. MTL-Trader and crew have been a great source of info. Who are the best you've seen on the Hub in options?
Thanks for stopping by level. It's a work in progress and it will take some time to get it going......not really in a huge hurry either :). Do you trade options BTW? I would love to hear about your trades if you do. Even if you don't, stop by from time to time just to shoot the breeze.
Nice board prado, looking forward to following it. You are truly one of the most honest, straight up people on Ihub, thanks for all you do. Anyone who wants unbiased, solid advice should be personmarking this.
This is a new board for traders to share their options trades and strategies. I plan on providing full disclosure regarding my trades and I invite you to do the same. The only agenda here is to help each other achieve financial success through options trading, so feel free to speak your mind. Other than that, I just ask that you enjoy the board and make the most of it. Best of luck to everybody!
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