Oh, and as far as hedging goes, my ariad position is my hedge!
That's what I've been telling my wife for a few years now!
Our poll suggests that MRK wouldn't be buying us for at least another year+. To me that suggests a price of $15-$25. The endo trial update would sure put a little more fire under the price, and might even get a suitor engaged faster, while we're still affordable-ish.