GNTA high IV

Hello_Dollars · Apr 29, 2004

Quote from nodelta:

What?

Say again?

I'm a little slow.

Can you repeat your net position?

-ND

It's just an asymmetric +1/-3/+2 fly (I think Cottle calls it a "Buttafucco") at the 15/25/30 strikes.

kiki · Apr 30, 2004

does it work ?

VOLUME · Apr 30, 2004

30-Apr-04
09:43 GNTA Genta lower on FDA staff comments (12.60 -1.83)

Stock trades down 12.6% following Reuters report that the FDA staff review says Genasense trial results could be "Falsely positive." (Briefing.com note: Our sources indicate the somewhat negative comments were expected and do not give a good indication regarding approvability).

riskarb · Apr 30, 2004

The FDA adv. panel will likely require another trial. I'm out, sorry guys.

MYDemaray · Apr 30, 2004

No prob. Fly was a great way to play this. Limited risk and great R/R ratio. Thanks for the heads up on this one riskarb.

freehouse · Apr 30, 2004

Quote from riskarb:

The FDA adv. panel will likely require another trial. I'm out, sorry guys.

Agenda for the Oncologic Drugs Advisory Committee meeting on 5/3

http://www.fda.gov/ohrms/dockets/ac/04/briefing/4037b1.htm

AngusP · Apr 30, 2004

Having sat on the sidelines and watched OSIP and GNTA, I don't think there is anything now that would persuade me to take a position in a bio-tech. Just pure speculation!

Hello_Dollars · Apr 30, 2004

Added some 10 strike put flys for .30 and completed my 15/20/25/30 condor for pennies. So I'm okay if this thing stabilizes here or somehow pops over 16 (unlikely now, I gather). Otherwise, c'est la vie.

Oh, and FU Arb!

riskarb · Apr 30, 2004

I am long from $9.60 again after reading the FDA adv. conclusions(#10)

freehouse · Apr 30, 2004

Is anybody selling out of the money calls? Still pretty high premium. Assuming that the company has to do another trial, it seems to be a pretty sure bet.