APLSApellis Pharmaceuticals, Inc. Common Stock
Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $5.3B|NASDAQ
● 2026-05-14$41.03
NEUTRAL
Analysis: 2026-05-13 EOD data
1Y +150.8%YTD +58.7%7D +0.0%
Options Vol
4,811
30D
Implied Move
±8.6%
IV Rank
2%
APLS Options Overview
IV is low with unusual activity. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
8.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 0.0% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.03x — IV ≤ HV
Sector Relative≤50%
Sector percentile 0% — below sector median
Term Structure
<1.1xFront/Back 3.56x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 2.0% — normal range
Spread-Adjusted Value
<80%Effective IV 39.7% (ATM 2.0% + spread 18.8% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 27.96% (spread 18.83% + slippage 9.13%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.00 (vega 0.000 / spread 18.83%) — spread drag
Sentiment
Bullish or bearish?
5.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -9%, Raw: -11%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -9% (neutral) — Raw: -11%
OI Skew Magnitude
≥15%|OI skew| 19.7% — put-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +37.7%, OI skew -19.7% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 18%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -78%, ATM: +21%, OTM: +0% — strong bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 51% — neutral vs sector
Activity
Unusual activity?
6.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks5/9 checks passed
Volume Surge
≥1.5xVolume 6.2x avg — hot
Turnover Rate
≥15%Vol/OI 13.2% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days2 day(s) elevated — sustained
OI Build
≥5%OI change -18.2% (5d) — unwinding
Sector Relative≥60%
Sector activity percentile 93% — very active vs sector
Trade Quality
≥30%Large trade volume 46% — institutional presence
Execution Urgency
≥60%Aggressive execution 74% — urgent
Flow Conviction
≥30Conviction -9 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 18.8% — wide
Adequate OI
≥10,000OI 36,590 — adequate
Active Volume
≥500Volume 4,811/day — adequate
Reasonable Cost
≤$0.50$0.94 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 59% — neutral vs sector
Order Book Depth
≥100 contractsDepth 69.6 contracts (bid:36.5 ask:33.1) — thin
Execution Quality
<1.0%Avg slippage 9.13% — poor
Timing
Is now a good time?
7.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +255.7% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 0% — buyer opportunity
Event Detection
≥10pts kinkIV kink 13.0pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1.00 — favors mixed
Expiration Distribution
≥3 expirations4 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -9% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 76 (ITM 20% + inst 46%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.3
bullishIV cheap, mixed flow
Long Puts6.1
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.1
bullishIV too cheap, mixed flow
Covered Call3.9
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.