Wow, What a great move getting in CVTX under $9 and again a few weeks ago as it crossed $10.

Today, Astellas (a Japanese Pharma) announced a hostile offer of $16 per share for CVTX.

CVTX opened at $16.60 and has been hanging around the $16.20 mark all morning.

My opinion here is that CVTX will succumb to a higher offer, either from Astellas or another larger Pharma at the $18-20 mark.

The April $10 calls that I recc. at $1.50 and said would quadruple to $6.00 each are now Over that, at $6.25 each. Sell them here, take those profits and wait a day or so, as CVTX may turn down Astellas, "saying" they want to remain private and the stock may pull back to the $15 area where we will revisit some speculative plays on another, higher offer.

All in all, a great trade in less than 3 months on the stock and the April calls.

:-)