This morning I BTC 6 BVF May08 12.50 Covered Calls and STO 6 BVF Oct08 15 Covered Calls in 2 IRA accounts for a net deposit of $79.02.

This is not a great return on the rolling out of the Calls but it represents an increase of $3000 at the higher strike price.  i own 400 of these BVF shares at $14.05 and the other 200 at $17.74 after the current roll out.

BVF has been moving up since mid April.  I think they took some hits earlier on reported accounting problems and are starting to recover.  Their 1st quarter results were down year over year but they announced a 14 million share buy back program.  14 millions shares is almost 10% of BVF float.  Of course, it remains to be seen if they will actually buy back that many shares.  If they do it will certainly cause the stock rise, all else being equal.

I would like to keep BVF and sell Covered Calls on it as long as possible.  It pays a good dividend at just under 12% at the current price (12.63 as I write this).  I have also come to realize that I like owning good dividend paying stocks and selling Covered Calls on them, including rolling them out if possible and necessary to capture the additional time premium.  It is slightly less stressful than selling Puts and seem to generally requires less monitoring.