### Comment:
Yeah, just curious what sorts of calls you'd need to make. The trend with the little companies looks to be calls at approval and long puts for the following months.

### REPLY:
I agree.  For REGN, I'd probably go with that tactic.  For KALA, I go with calls at the PDUFA, and calls for the launch (estimated Q1 2019), with puts for probably Q2 or Q3 ER.

### END.