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<blockquote data-quote="MuckFichigan" data-source="post: 964784"><p>Stage 1 or 2 drug trials are too much uncertainty to be investable unless you have a decent risk appetite, however if their current patent portfolio does not expire for some time then that mitigates some of the downside risk. When trials advance to stage 3 is when the stock starts to have a lot of price action as funds start to reassess the stock and set up for the stage 3 trial results and FDA recommendation. PBYI was a complete shock if you believe that the option market prices event movement with decent accuracy, a lot of market makers got smoked that day.</p></blockquote><p></p>
[QUOTE="MuckFichigan, post: 964784"] Stage 1 or 2 drug trials are too much uncertainty to be investable unless you have a decent risk appetite, however if their current patent portfolio does not expire for some time then that mitigates some of the downside risk. When trials advance to stage 3 is when the stock starts to have a lot of price action as funds start to reassess the stock and set up for the stage 3 trial results and FDA recommendation. PBYI was a complete shock if you believe that the option market prices event movement with decent accuracy, a lot of market makers got smoked that day. [/QUOTE]
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