Biotech Values

[marthambles]

You might want to consider shorting the stock and buying an out of the money call. This would allow you to profit all the way down (minus, of course, the premium paid for the call), while limiting your risk to the difference between the price at which you shorted the stock and the strike price of the call. Obviously, you would have to liquidate your short before your call expired, or roll over the call in order to maintain your protection.