BIOD just shows how expectation can get ahead of the reality on the way up and on the way down.
I wrote put coming into Sept. due to high IV. I sold Sept. 3 put and made nice profit on the open today even when the stock was down 20%. When it went $3.60, I saw this as clearly an overreaction to and bought call Dec. at 4 strike. I think the IV will stay around here and betting that BIOD will bounce back.
Disclosure: I am long BIOD.