Paper bought 1000 GSM June 12.5 Puts for $.35 (2.6 times usual volume) when stock was trading $14.15
Paper bought 5000 PGNX May 4 Puts for $.10 when stock was trading (11.1 times usual volume) when stock was trading $5.10
Paper bought 12,398 LYB May 12 Puts for $.70 (19.1 times usual volume) when stock was trading $12.17
Paper bought 2941 CRIS June 2.5 Puts for $.18 (2941 times usual volume) when stock was trading $3.40
Paper bought 500 EPB June 40 Puts for $.65 (11.0 times usual volume) when stock was trading $43.12

Paper bought 1000 LXP Nov 12.5 Calls for $.60 (18.4 times usual volume) when stock was trading $11.84
Paper bought 500 PIP Sep 5 Calls for $.10 (3.6 times usual volume) when stock was trading $1.77
Paper bought 500 CLMS Aug 12.5 Calls for $.625 (123 times usual volume) when stock was trading $.625
Paper bought 1500 PDH June 17.5 Calls for $.25 (3.0 times usual volume) when stock was trading $14.57
Paper bought 2000 ARIA May 21 Calls for $.55 (3.4 times usual volume) when stock was trading $18.88

Paper bought 1000 LGF June 24 Calls for $.775 when stock was trading $22.62
Paper bought 2151 AEO May 20 Calls for $.425 (2.5 times usual volume) when stock was trading $18.85
Paper sold 1178 FB Jan 2014 25 Puts for $3.25 when stock was trading $25.14
Paper bought 3169 DNDN and Sold 3169 DNDN Aug 4 Puts for $.02 credit when stock was trading $4.76
Paper bought 7000 GOL April 7.5 Straddles for $1.75 (7.8 times usual volume) when stock was trading $5.87

Despite its current challenges with approval the companies potential future growth outweigh the current risk. 

Paper is short 70,000 DNDN Aug 5 Puts for $0.72.  These Puts are worth $.98, so that trader has paper losses of:

70,000 * 100 * (-0.26)= $1.82 Million in losses, however, the trade is not over yet.

My Trade: Buying the DNDN Aug 5 Calls for $0.72
Risk: $72 per a lot
Reward: Unlimited
Breakeven: $5.72

Greeks of this Trade:
Delta: Long
Gamma: Long
Vega: Long
Theta: Short

—
Andrew Keene
President/Founder
Andrew@KeeneOnTheMarket.com

salerno.mark.a@gmail.com