Today I decided to exit this position as we were getting closer to an important FDA meeting which could either send the stock plummeting by 50% or upwards by 50%. As I had already made a substantial amount on a percentage basis, I decided it was better to be safe than sorry. Knowing my luck, the stock will skyrocket as a result of the FDA meeting, but many investors have lost their hat before for betting the wrong way on such things. The profit info is below:
5/8/2009 -- Bought 100 SVNT @ 5.1299
5/8/2009 -- Sold To Open 1 SVNT June $5 Call @ 1.80
6/9/2009 – Bought To Close 1 SVNT June $5 Call @ 2.74
6/9/2009 – Sold 100 SVNT @ 6.77
The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $3.3299
Percentage Profit: 22.53%
Annualized Profit: 256.94%
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