Egalet Corporation (NASDAQ: EGLT) shares are trading lower by $1.50 (20 percent) at $6.88 in Tuesday's session.
The issue soared to $10.00 in Monday's session after the company received regulatory approval for ARYMO ER for pain management. The issue backed off that high to end Monday's session at $8.38.
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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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However, the FDA stated that the drug should only be prescribed when all other treatment options have been explored. The reason for that being the FDA is concerned that opiod abuse has become a major problem in the US and they have been emphasizing drugs that aren't as addictive in nature.
After a lower open, it rallied only a penny to $7.36 before resuming its move lower. So far, the ensuing decline has $6.13 and it has rebounded into the upper $6.00 handle. That low comes in just above its November 9 low ($5.81).
The issue is attempting to avoid its first close under $7.00 since December 1, when it ended that session at $6.92.
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.