I view the small premium as a small price to pay for the 3 bucks intrinsic value. If some horrible unforeseen thing could happen (and with the FDA you never know) I at least have the knowledge that I didn't pay as much for the position as if I had bought the stock outright. And that 3 bucks of intrinsic value that I saved by not buying the stock, enables me to have a larger position for the same money, since I do NOT expect even the FDA to screw this one up.