The American Society of Clinical Oncology kicks off May 15th and EYET and everyone else in the space will be there and be reactive to developments at the meeting. Volatility has already started to kick in for the stocks that ASCO impacts and with the big drop Eyetech Pharma (EYET) suffered from $29 to $27 and subsequent selloff to today's low, it's not surprising that some positions for a big move in the stock. As the trade (June 22.50 puts) I cited earlier went up between the markets, it was likely "accomodated" by firm traders off the floor. If these +12,000 puts went up versus stock this would be a synthetic straddle, a position that makes a pile of money on a big move, or dies the death of a thousand cuts if the stock just sits there.
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