Took a pretty big hit on AMRN Jan $2 calls last week. I, along with many AMRN folks, did not see the double delay. My 5k game plan was simple; load up on AMRN Jan 2 calls knowing I will either lose premium if negative outcome OR have a multiplier if positive outcome. I am still bullish on AMRN spa. The FDA would have issued a CRL at this point. Anyways, there are so many blogs on the AMRN debacle so I’ll save my breath. I sold the calls for more than 50% loss.
Net loss of $2000 on the AMRN play.
Total Account after AMRN: $3200
My next play is a non-biotech, PLUG. I have purchased 150 Feb $6 calls for .10 ($1500 outlay). The chart looks hot and the retail hopium is off the charts. I am looking at a price target for sell trigger of 4.75-5.25
I will be watching closely so as to preserve value and not let Theta degrade this play. If it doesn’t move this week, I will exit.