ImmunoGen Inc (IMGN)

[skitahoe]

Earnings releases never fail to amaze me. The people who are supposed Analysts for the wire services who put out the headlines are only consider one thing, consensus estimates being met, exceeded, or missed. The company could say they're curing 100% of the people with a certain form of cancer, but they missed estimates by a nickel and they'd make it sound like the company was considering bankruptcy.

Today's market reaction provided a great opportunity for shorts to get out of their position or longs and option investors to purchase anywhere near the low of the day. I wasn't home and didn't act on the news, but had I been, I would have probably tried to get some really cheap August $10 calls, I don't know how low they might have been purchased for, but suspect they may have already doubled or more.

Outside of the shares I own, my only other position is some January $14 calls that I picked up for $.55, if I'm right about where IMGN is in January, they could be a ten banger, or more. We'll see as more data will be announce on all of IMGN's wholly owned drugs later this year. Of course the big news will be from the Phase 3 Trial, and top line data for that isn't due until next year.

Gary