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COGTCogent Biosciences, Inc. Common Stock

Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $6.0B|NASDAQ
● 2026-08-31$34.67
BULLISH
Analysis: 2026-08-28 EOD data
1Y +188.9%YTD -0.2%7D -4.3%
327
30D
±16.3%
5%

COGT Options Overview

IV is elevated with bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

4.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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COGT Gamma Walls

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Value

Is IV priced right?

5.7
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 83.1% — elevated vs history

<1.05x

IV/HV 1.02x — IV ≤ HV

Sector Relative≤50%

Sector percentile 60% — above sector median

<1.1x

Front/Back 0.89x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 59.5% — normal range

<80%

Effective IV 154.6% (ATM 59.5% + spread 47.5% + bias) — expensive

<3.0%

Total drag 60.83% (spread 47.54% + slippage 13.29%) — high friction

≥5.0

Vega efficiency 3.15 (vega 14.954 / spread 47.54%) — spread drag

Sentiment

Bullish or bearish?

5.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -19%, Raw: -8%)
|net sentiment| ≥25%

Conviction-weighted: -19% (bearish) — Raw: -8%

≥15%

|OI skew| 80.3% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +66.4%, OI skew +80.3% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -25%, ATM: -11%, OTM: -4% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 27% — very bullish vs sector

Activity

Unusual activity?

3.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 1.6% — normal turnover

≥2 days

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

≥5%

OI change +24.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 50% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 22% — patient

≥30

Conviction -19 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.8
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 47.5% — wide

≥10,000

OI 20,166 — adequate

≥500

Volume 327/day — thin

≤$0.50

$2.38 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 83% — much wider than sector

≥100 contracts

Depth 136.7 contracts (bid:76.9 ask:59.8) — adequate

<1.0%

Avg slippage 13.29% — poor

Timing

Is now a good time?

7.2
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -11.0% — contango

<30 or >70

IV percentile 83% — seller opportunity

≥10pts kink

IV kink -2.5pts — no clear event

<0.5 or >2.0

θ/ν ratio 1437.84 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -19% @ 59% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.5
bullishIV fair, mixed flow
Long Puts5.0
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.0
bullishIV fair, mixed flow
Covered Call4.4
bearishIV fair, mixed 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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