Traders who prefer options can buy puts or sell calls on the approval price spike, betting the share price will pull back before the options expire. More experienced traders can also build complex options setups, such as butterflies or condors, to take advantage of the implied volatility in share price and creating windows of maximum profitability before the actual FDA decision is announced.
Traders who don't mind taking a bit more risk can even short Alexza just before the expected FDA decision. If FDA surprises the market by rejecting Adasuve, Alexza's stock price will plummet and the trading profits will be huge. An advantage to shorting pre-approval is that finding shares to short post approval can be difficult.
Messier has no current position in Alexza but he may short the stock following the FDA decision on Friday.