Sell LLY Call Spread For Gain of 52.66%

Yesterday we bought the LLY September 18th $1220 Call for $45.875 and sold the LLY September 18th $1270 Call for $24.75 for a value of $21.125.

LLY was trading at $1223.47 and is now at $1284.91. The price has risen on news the Merck (MRK) and Moderna (MRNA) a vaccine for Melanoma to prevent a return of  that cancer. Big news and there are implications for other Pharma and Biotech stocks.

So we will sell the LLY September 18th $1220 Call for $91.50 and buy back the LLY September 18th $1270 Call for $59.25 for a final value of $$32.25.

The gain is $11.125 which is 52.66%.