Do you remember what that other one was?
This is a bit perplexing with just this play, if you were so confident of it tanking why sell the $10, just buy the $12, how would you calculate it'll fall to 11 something but not much under 10?
Even as a hedge what's the gain, a savings of $2 a share?
Why October? Before the Adcom?
I like to put myself in their shoes but I keep coming up with nothing reasonable.
Going through list of explanations posted earlier
I don't see any that make a lot of sense.
1. Huge long position protecting against possible further delay of adcom. Seems better ways to do protection
2. Huge long position protecting against possible patent litigation news. Seems better ways to do protection
3. Trader with leaked information on further delay of Adcom. Possible but always discount leaked news, this big a trade is a big red flag to regulators
4. Trader with leaked information of patent litigation news. Possible but always discount leaked news, this big a trade is a big red flag to regulators
5. Market makers trying to scare retail into selling shares? Possible depending on MM position but this trade to do that seems like better ways to accomplish?
Another option someone is short and wants to exit the short trade with recent profits but wants to keep some skin in the game as sees downside momentum and took some profits and is playing for further downside but protecting much of the the short profits. We'll know better once short interest comes out in late September
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