This will complete a combination on both the call and the put side of CEPH.
We are looking for CEPH to close between $75 and $65 and gain both of the premiums, however of CEPH should require us to close out either side we will reduce our exposure by the premiums collected on the both call and the put side, to offset a loss, if that should occur.
CEPH - Cephalon is an international biopharmaceutical company focused on the discovery, development and marketing of products to treat sleep disorders, neurological disorders, cancer and pain. In addition to an active research and development program, they market products in the United States and various countries in Europe.
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