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OGNOrganon & Co.

Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $3.6B|NYSE
● 2026-08-31$13.76
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +46.1%YTD +90.1%7D +0.1%
101
30D
±8.6%
45%

OGN Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

3.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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OGN Gamma Walls

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Value

Is IV priced right?

3.7
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 81.2% — elevated vs history

<1.05x

IV/HV 21.28x — IV premium over HV

Sector Relative≤50%

Sector percentile 56% — above sector median

<1.1x

Front/Back 1.00x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 56.4% — normal range

<80%

Effective IV 313.1% (ATM 56.4% + spread 128.4% + bias) — expensive

<3.0%

Total drag 171.15% (spread 128.37% + slippage 42.78%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 128.37%) — spread drag

Sentiment

Bullish or bearish?

4.2
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +11%, Raw: +57%)
|net sentiment| ≥25%

Conviction-weighted: +11% (bullish) — Raw: +57%

≥15%

|OI skew| 2.1% — balanced

Same sign, |vol skew| ≥10%

Vol skew -56.4%, OI skew -2.1% — 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: +100%, ATM: -100%, OTM: +100% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 90% — very bearish vs sector

Activity

Unusual activity?

2.2
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 0.1% — normal turnover

≥2 days

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

≥5%

OI change -0.2% (5d) — stable

Sector Relative≥60%

Sector activity percentile 6% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 56% — patient

≥30

Conviction +11 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.7
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 128.4% — wide

≥10,000

OI 117,841 — deep

≥500

Volume 101/day — thin

≤$0.50

$6.42 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 82% — much wider than sector

≥100 contracts

Depth 53.0 contracts (bid:48.4 ask:4.6) — thin

<1.0%

Avg slippage 42.78% — poor

Timing

Is now a good time?

5.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks3/9 checks passed
|slope| ≥5%

Slope +0.0% — flat/unclear

<30 or >70

IV percentile 81% — seller opportunity

≥10pts kink

IV kink 0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥3 expirations

1 liquid expirations — limited

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +11% @ 56% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls3.9
bullishIV expensive, mixed flow
Long Puts4.5
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put4.7
bullishIV rich premium, mixed flow
Covered Call5.2
bearishIV rich premium, 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.

More on OGN

OGN gamma wallsOGN max painOGN IV rankOGN options flow