Sold 5 June $25 covered calls at $0.40 against Dendreon, and 4 June $5s at $0.25 against BioCryst.
I have two stock picks right now. One is safe, and one is for some bang.
Dendreon (I can't believe I am saying this!) is my safe pick. At $21 right now, it may go as low as $18 or so over the next couple months, but in terms of a one year time span, it will have a floor under it AND have significant upside. The chances of a partnership agreement, new trials, analyst day this summer, a Q4 filing of the Provenge BLA, and ultimately an approval next spring all will keep some excitement going and each of these should give the stock a boost.
Sangamo is the bang-for-the-buck stock. It has been drifting lower for a month now and is currently in the high $3s. They will be getting trial soon and are a constant threat to compile new partnership agreements at any time. Each of these may be for small dollar amounts (relatively) but at some point some analyst is going to say, "Wow, 20 or 30 $5-10M agreements really add up!" I want to be there for that lightening strike.
Regards,
Trond
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