Options/APGE

APGEApogee Therapeutics, Inc. Common Stock

Options Analysis Report•BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)

Market Cap $10.2B|NASDAQ

● 2026-08-31$134.97

BEARISH

Analysis: 2026-08-28 EOD data

1Y +256.5%YTD +78.1%7D +0.1%

Options Vol

116

30D

Implied Move

±1.4%

IV Rank

APGE Options Overview

IV is low with bearish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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APGE Gamma Walls

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Value

Is IV priced right?

6.8

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 0.2% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 2.61x — IV premium over HV

Sector Relative≤50%

Sector percentile 1% — below sector median

Term Structure

<1.1x

Front/Back 1.67x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 3.7% — normal range

Spread-Adjusted Value

<80%

Effective IV 95.6% (ATM 3.7% + spread 45.9% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 66.44% (spread 45.93% + slippage 20.51%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 45.93%) — spread drag

Sentiment

Bullish or bearish?

0.9

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -100%, Raw: -100%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -100% (strong bearish) — Raw: -100%

OI Skew Magnitude

≥15%

|OI skew| 42.0% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -79.3%, OI skew +42.0% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +0%, ATM: -100%, OTM: +0% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 95% — very bearish vs sector

Activity

Unusual activity?

5.1

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 1.4x avg — normal

Turnover Rate

≥15%

Vol/OI 0.8% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +3.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 35% — below sector avg

Trade Quality

≥30%

Large trade volume 86% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 67% — urgent

Flow Conviction

≥30

Conviction -100 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

2.6

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 45.9% — wide

Adequate OI

≥10,000

OI 14,142 — adequate

Active Volume

≥500

Volume 116/day — thin

Reasonable Cost

≤$0.50

$2.30 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 58% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 249.39999999999998 contracts (bid:238.7 ask:10.7) — adequate

Execution Quality

<1.0%

Avg slippage 20.51% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +66.7% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 0% — buyer opportunity

Event Detection

≥10pts kink

IV kink 1.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -100% @ 100% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 116 (ITM 20% + inst 86%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls4.2

bullishIV cheap, bearish flow

Long Puts8.0

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put2.9

bullishIV too cheap, bearish flow

Covered Call5.8

bearishIV too cheap, bearish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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