Well, on this particular stock, Im thinkin the risk is more paletteable with the option. The common have a very high probability of making a major move in either direction on pdufa date? So options are desired in such cases.
Its hard to believe I can buy a 2.50 call for little premium with major news coming. It limits my losses if bad news comes, but multiplies my returns if good news comes and common jumps. I see it as the smartest actually safest bet...normally options are neither of those.