Options Update: Progenics Pharmaceuticals (PGNX) & ImClone (IMCL)
Progenics Pharmaceuticals (PGNX)
PGNX May volatility elevated at 159 into PDUFA.
PGNX closed at $16.97.
PGNX's Methlynaltrexone action date is April 30, 2008.
PGNX's Methylnaltrexone is a treatment for opioid-induced constipation in patients with advanced illness.
PGNX March option implied volatility is at 132, May is at 159; this is above its 6-month average of 94, suggesting larger risk.
ImClone (IMCL)
IMCL volatility skewed into May event; March volatility at 46, May at 59.
IMCL, an oncology care company, closed at $40.22.
Phase 3 FLEX results on Erbitux in 1st-line NSCLS is expected in June 2008.
IMCL May option implied volatility of 59 is above its 26-week average of 45, suggesting larger price risks.
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About Paul Foster
Paul Foster is a former member of the Chicago Board Options Exchange with 21-years of professional experience in the capital markets, investments, trading, corporate finance, arbitrage, options and mergers & acquisitions. His writing about the options market has appeared in a wide variety of publications.
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