NuPathe Inc (PATH) - fades to continue

PATH have earnings tomorrow morning. The stock was up over 50% last week. Many attributed the rise to a seeking alpha research note. The article lacked any new insight to the stock but in this market its not hard to make biotech's fly.

I anticipate tomorrows earnings call to come and go with no news. There is a chance PATH may announce the re-filing of  the NDA for NP101, this is expected within the first half of this year.

The real catalysts are what come next, the FDA will either reject or accept the NDA (within 60 days), and if accepted, announce a PDUFA date (6 months +). On this date (or sometimes slightly before) the FDA will either approve or decline NP101.

So tomorrow, there is an outside chance they announce the NDA filing with their quarterly numbers. This would be positive but not hugely so, I am short (4.80's) and would cover immediately on this news. 
In hindsight I probably got a little greedy not taking at least some profits in the 4.30's on Friday. However tomorrow looks promising, PATH had a weak (great) close today, if nothing comes of the call, I may get more aggressive on my short, expecting fades to continue. Hoping for low 4's covers.

Open Trades Short
PATH, AMPE, HUSA (April $7.5 puts), NGSX, SVVC, GMLP

Open Trades Long
PLX (May $5 calls), VXX