Absolutely because if your timing is wrong you loose all your money. If you buy the PPHM shares then you may still end up in a longer then expected waiting time, as many here on this board me included, but you would still have the shares. PPHM must stop to exist for the share to become without value. Of course if the capital that is invested in the shares would be the same as what you intended to put into options (i know, it probably isn't but just for the theory) than you have less pieces and hence less leverage. That is the balance between risk and leverage of options when you are on the Buy Side.
And a hint: From your statement that there is going to be a lot of money to be made with PPHM the following months, which many on this board probably will concur with if the following months means "the rest of this year", there is an intrinsic danger. It remains an "educated feeling" (FEELING, not even guess) and so you should however, given the word feeling, also consider what you can loose. It's the words "I just know" in your sentence that carries the potential danger for you to do options! You can't step in and out options as easy as buying and selling shares due to liquidity and high spread. So the end of your sentence is a very good conclusion because we may all think it's the end of fiscal year, Barcelona, ASCO, the Cotara results, Brain Surgery Congress, Bavi results etc but which one of these many positive events will be the trigger may depend on subtilities and timings be Peregrines management and when they decide to disclose what type of information. For an option trader that would point to distant date option series but those are quite expensive given the current market price of PPHM (actually the market already anticipated some on the mentioned events).
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