Average Reviews:
(More customer reviews)I found this book highly useful as it is a general primer on the area of making profits from biotech shares. It does not cover everything, nor is it conclusive on all matters. For instance the book is written from a trading perspective and seeks to provide no insight into the medical underpinnings of this area. It has its own specific biases, some of which I disagree with. For example he includes under the heading of "strategies not recommended" some common strategies used in this area, such as a put/call straddle. This he belives ought not be used for biotech stocks believing the market prices into the biotech share price before a news event, such as a Phase III trial announcement, the price of the overall option spread owing to high levels of implied volatility, making great moves necessary to profit. The underlying rationale of trading options in this area is to capture gains made from large market movements through the use of options, especially around binary events, so this is one view I find hard to understand. However, his recommended trading structures provide a thorough understanding of the profits attainable by each method while setting out the risks inherent in each strategy. The book also has several useful features such as differenciating between Phase I/II trials and Phase III trials, showing how to fundamentally analyse biotech companies, highlighting trading strategy and tactics and setting out a current list of companies to which the strategies outlined would apply.
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