NorthWest Biotherapeutics Inc (NWBO)

[mewards]

I don't believe it's a hedge. The position was being established well before we knew of any direct data that was going to potentially be released. The buyer established the position through a combination of selling the calls to drive the price down then buying the calls it seemed. Only noticeable if watching the options price during the trades. Another 4.5k went through on Friday. Will see on Monday what the OI went to. However, whether it's a hedge or a long strategy the buyer is expecting a nice rise in the price. Even for a hedge the buyer does not plan to waste a million dollars. Additionally the July 6 dollar puts were likely sold to fund the trade, so it is possible that this is a fairly risk free trade for a hedge or otherwise. Only a major institution like Woodford can assure the stock price is above 6 by July. It's obvious to me that its not a covered call being sold as well, as there was no selling while the premium at its highest while the stock was over 8. So the only question that remains is what's the catalyst that pushes us higher over the next 3 or 4 weeks? We have the impeding dilution but my guess is that will not take place until something significant happens. Any guesses what that could be? First interim? Direct data? Phase II ucla adjuvant data? 55 patient arm data? CI collaboration? HE? Something we haven't considered? Or simply to ensure a less dilutive financing for the current holders. Anyway, those are my thoughts.