### Comment:
You'd end up losing a fortune if it doesn't work and are holding shares. With selling puts you have even more breathing room. 
  
 With these biotechs you usually have 30%-50% breathing room before you start losing money.

### REPLY:
I must be missing something. If the company misses a key trial and tanks, your short puts increase a lot more in value than the equivalent shares would fall right? Because the delta approaches -.50 quicker than the linear shares would fall.

### END.