Re: Squash any optimism from yesterday's option buying <eom>
It's not clear what happened yesterday, but there's something going on (either good or bad) when someone in one day buys $500,000 worth of calls.
You don't do that on a whim. You do it if you are hedging something or you know something big is coming fairly shortly.
Yes, I'd like it to be something big and positive, but the more I think about it, I feel like $500,000 worth of calls as a hedge is a very expensive and possibly unnecessary hedge? The SP of this stock can be driven down fairly easily (see today), so the only hedge play that makes any sense is protecting yourself from unanticipated news. Even then, we had fantastic news at ISTH, and I think by the end of the day SGMO ended up in the red.