Biotech Values

[WorstLuck]

if exercised, owning shares at adjusted cost of ~$20.5 is quite palatable.

A reasonable play. The most likely way you get assigned at that price is some combination of disappointing sales, PDUFA issues (delay, label etc), and/or general selloff in the market or biotech. All of that can be worked through if you hold a long term bullish view. It's also possible the market will reprice the stock to 20ish on normal sales and a clean PDUFA. Such is life.

I personally don't want long term positions in general. Best of luck.