Human Genome Sciences (HGSI) is slated to receive a response from the FDA by Thursday, March 10, on whether or not its drug Benlysta is approved. I am trading this catalyst event using a Call butterfly spread with an overlaid tight long Call spread. Here is the trade:
Butterfly side:
Buy 50 MAR 28.0 strike Call @ 0.781 = $ 3,905 Debit
Sell 100 MAR 30.0 strike Call @ 0.384 = ($ 3,840) Credit
Buy 50 MAR 32.0 strike Call @ 0.24 = $ 1,200 Debit
Call spread side:
Buy 100 MAR 29.0 strike Call @
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