Mela Sciences (MELA) continues to be on a downward trend since the company's re-submission of its PMA (pre-market approval application) for the skin cancer finder, MelaFind, on Mar. 2, 2011. There was a 20% pop in Mela's stock that day as traders overreacted to the news. Since then, as rightly suggested in my Mar. 2 post, MELA has given up 10.75% of its value, making short sellers profit (once again). While the stock took a dive, the put options remain thinly traded. Therefore, I've decided to sell my Apr. $3 put options (bought on Mar. 3 for $.45) at $.5 for a quick 11% gain.
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