It has been a bumpy ride being long VRUS calls. Pharmasset announced on 16 December that it had detected abnormalities associated with liver function in subjects receiving PSI-938, and while this did not trigger the “key product event” clause it was enough to pressure the stock price below 124$. Fortunately that was the only negative development, and today the Gilead announced that it has almost completed the tender offer. The calls have returned a quick 20 percent in one month, but it’s hard, if not impossible, to evaluate if it was a good trade or not. Could easily just have been luck.