27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
In a report published Wednesday, BMO Capital Markets analyst Jim Birchenough reiterated an Outperform rating on Ambit Biosciences (NASDAQ: AMBI), and raised the price target from $10.00 to $23.00.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
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In the report, BMO Capital Markets noted, “Ambit Biosciences (AMBI) reported 2Q13 operating results today and provided an update to key initiatives. AMBI ended 2Q13 with $85.3M, sufficient to fund operations though YE15 and the completion of the first quizartinib phase 3 trial. In 2Q13, AMBI held a “Type C” meeting with FDA to discuss in part, requirements for a successful end-of-phase 2 meeting. AMBI characterized the interaction with FDA as highly encouraging, noting that FDA requested documentation supporting the validity of a complete response with incomplete hematologic recovery (CRi) as a surrogate for clinical benefit. AMBI is analyzing internal and external data to support the use of CRi and will present these data along with the complete phase 2b data (FDA saw partial data in 2Q13) and phase 3 study design to FDA in November. AMBI remains on track to initiate a phase 3 trial of quizartinib in relapsed refractory AML in early 2014 with a second phase 3 study in newly diagnosed patients being designed with input from ongoing clinical trials.”
Ambit Biosciences closed on Tuesday at $13.50.