IMTXImmatics N.V. Ordinary Shares
Options Analysis Report
Market Cap $1.5B|NASDAQ
● 2026-05-15$11.17
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +138.2%YTD +6.9%7D -1.8%
Options Vol
611
30D
Implied Move
±8.6%
IV Rank
37%
IMTX Options Overview
IV is elevated with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
1.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks1/9 checks passed
IV Rank
≤35%IV Rank 94.5% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 2.73x — IV premium over HV
Sector Relative≤50%
Sector percentile 85% — above sector median
Term Structure
<1.1xFront/Back 2.14x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 115.0% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 320.0% (ATM 115.0% + spread 102.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 139.18% (spread 102.49% + slippage 36.69%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.02 (vega 0.223 / spread 102.49%) — spread drag
Sentiment
Bullish or bearish?
3.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Moderate signal (Conviction: -100%, Raw: -100%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -100% (strong bearish) — Raw: -100%
OI Skew Magnitude
≥15%|OI skew| 84.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +100.0%, OI skew +84.9% — aligned
Conviction Quality
≥2/3 conditions0-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: +0%, OTM: -100% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 50% — neutral vs sector
Activity
Unusual activity?
7.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks6/9 checks passed
Volume Surge
≥1.5xVolume 11.4x avg — hot
Turnover Rate
≥15%Vol/OI 62.4% — high turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +167.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 100% — very active vs sector
Trade Quality
≥30%Large trade volume 98% — heavy institutional
Execution Urgency
≥60%Aggressive execution 25% — patient
Flow Conviction
≥30Conviction -100 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
2.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 102.5% — wide
Adequate OI
≥10,000OI 980 — thin
Active Volume
≥500Volume 611/day — adequate
Reasonable Cost
≤$0.50$5.12 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 94% — much wider than sector
Order Book Depth
≥100 contractsDepth 62.1 contracts (bid:1.5 ask:60.6) — thin
Execution Quality
<1.0%Avg slippage 36.69% — poor
Timing
Is now a good time?
8.0
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks9/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +114.0% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 94% — seller opportunity
Event Detection
≥10pts kinkIV kink 61.7pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 0.19 — favors vol trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -100% @ 100% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 128 (ITM 20% + inst 98%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls3.3
bullishIV expensive, bearish flow
Long Puts4.7
bearishIV expensive, bearish flow
Premium Sellers
Cash-Secured Put5.2
bullishIV rich premium, bearish flow
Covered Call6.6
bearishIV rich premium, bearish flow
For educational purposes only. Not investment advice.