This is my first post so bear with me. I am following a stock (DNDN) that is in phase III trials with the FDA for treating late stage prostate cancer. The decision date looks to be April 30th. The same situation with the same drug occured in 2007. The stock went from less than $5 to $25 in less than 2 weeks. The ruling went against the drug and the stock was crushed. It looks like the ruling was driven by vested interests and lawsuits were filed. Institutions and mutual funds hold 40% of the shares. I have purchsed May 5 calls and May $7.5 calls. If history repeats there is a huge payday even pre-approval but of course it is never that easy. I am betting on a huge price swing driven by Greed not the approval. If that happens even better! The problem is that the price of the stock is down to $2.60 and there are almost 35,000 May 2.5 put contracts in open interest. Could this be a hedging strategy by the institutions with large holdings?? What can I do to protect my position??