CLDA and Port24 update (after options expiration)

Congrats to the CLDA shareholders who stuck through the approval process. Oh wait, the Port was one of those! :-)

I bought back the calls a week or so ago and so am holding the stock long in the Port - from a $15ish close of Friday, we got approval and a pre-market $25 price tag this morning.

Dendreon and Oncothyreon calls expired on me (a good thing - we keep the premium AND the stock) and my Elan and Sangamo were exercised (also a good thing, we got the premium and netted cash out at the strike price).

I now have another $27K to buy with. I'll keep you posted!

Regards,
Trond

MNKD, Port24, and real money update

MNKD received a CRL yesterday for Afrezza. I was almost all out here, but was truly hoping for and expecting an approval. Fortunately it appears that most of what the FDA is asking for can be provided within the next year or so. The stock price was only knocked down to the $5 in today's trading which I consider fair for the moment. I would expect it to come down some more in the couple months, and if it does go into the $3s or $4s I would be a buyer again.

I bought 3,600 PZG at $3.12 in the Port today; no options offered here but the price is simply too low for what is expected in their resource report sometime in Q1 2011. Hence this is only a trade, with a defined time limit of about 3 months.

In my real money accounts, I bought PZG and CLSN today. CLSN at $2.78 is simply irresistable, and is now my largest holding.

Regards,
Trond

Careful does it! And a Port24 update

I am hearing from all the various economists, bloggers, and folks I respect (market-wise) that we are due for a correction. I asked a month or so ago if you had your chair ready for when the music stops. I think you need to ask yourself that question again.


I put on one of my volatility plays last week: took TZA (bearish x3 small cap ETF, was at $15.04 at the time) and bought an equal number of Apr11 $15 puts and calls. I don't care what direction we go, as long as we move at least 4% in either direction in the base (~11-12% in the x3).
Though honestly, if we move up (down in the ETF, since this is bearish) I will probably sell the puts if they near a double. I'd hold on to the calls, as they will go up if we do get the correction I fear.

In the Port 24, I bought 2,600 Celldex (CLDX) this morning at $3.88 and sold the May $4 calls for $0.55 against the whole position. CLDX could well continue falling here, but May gives me a while to be right.

With this morning's prices, I'm currently at a 14.2 annualized return and still have $14,160 in cash to initiate another position.

In real money accounts, I'm very interested in PZG, DCTH and NBIX here.

Regards,
Trond

Port update - LXRX successful trial results

I sold all 7,000 shares of LXRX in the port this morning at $1.94. Also divested almost all of my real money shares too. Having bought exactly one month ago at $1.39, this is almost a 50% return.

PR shown below...

http://finance.yahoo.com/news/Lexicon-Announces-Positive-prnews-4130937110.html?x=0&.v=1

In real money, I am currently interested in DCTH, NBIX, and NNVC.

Regards,
Trond

Port24 update

I bought 2,000 NBIX just now for the Port, at $7.30. I am going to wait to sell calls here until it bounces back somewhat. The Feb $7.50s were attractive at $0.55, equivalent to a 7.5% return for 1.5 months, but I think I can do better.

I also bought back the CLDA calls to close, since the stock has dropped. As we approach the 1/22/11 PDUFA date I expect the price to rise back to where I bought it.

Port is now 11.1% annualized return, with $9,292 in cash still and the stocks (calls) shown below.

600 CLDA (0)
400 DNDN (4)
1600 ELN (16)
7000 LXRX (0)
2000 NBIX (0)
7000 NNVC (0)
7000 ONTY (70)
2500 SGMO (25)
1600 DCTH (10)