I don't see any good defensive strategies that are currently affordable. The way I deal with risk in bio's is to know in advance of news what action I'm going to take, and act immediately on it. No hesitation!

In Jan 2011 when we received the last CRL, I had everything sold within 10 minutes of the news. We opened that day a little over $9, and closed just over $6. I got out at an average in the low $7's. Saved enough cash after that disappointment to put on another good position for this go-round.

The one thing I'm focused on in the upcoming trial data will be the P values of the primary endpoints. Below .05 and I'm good to go, above .05 and I'm once again totally out.