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ORKAOruka Therapeutics, Inc. Common Stock

Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $6.0B|NASDAQ
● 2026-08-31$91.14
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +485.8%YTD +222.4%7D -11.0%
143
30D
±24.1%
2%

ORKA Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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ORKA Gamma Walls

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Value

Is IV priced right?

4.4
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 93.8% — elevated vs history

<1.05x

IV/HV 1.71x — IV premium over HV

Sector Relative≤50%

Sector percentile 82% — above sector median

<1.1x

Front/Back 1.03x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 84.8% — crisis-level IV

<80%

Effective IV 143.1% (ATM 84.8% + spread 29.1% + bias) — expensive

<3.0%

Total drag 32.53% (spread 29.14% + slippage 3.39%) — high friction

≥5.0

Vega efficiency 7.40 (vega 21.577 / spread 29.14%) — efficient

Sentiment

Bullish or bearish?

5.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -20%, Raw: -12%)
|net sentiment| ≥25%

Conviction-weighted: -20% (bearish) — Raw: -12%

≥15%

|OI skew| 45.2% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +27.3%, OI skew +45.2% — 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: +0%, ATM: +0%, OTM: -13% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 46% — neutral vs sector

Activity

Unusual activity?

5.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.7x avg — elevated

≥15%

Vol/OI 4.3% — normal turnover

≥2 days

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

≥5%

OI change +11.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 77% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 17% — patient

≥30

Conviction -20 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.3
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 29.1% — wide

≥10,000

OI 3,302 — thin

≥500

Volume 143/day — thin

≤$0.50

$1.46 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 92% — much wider than sector

≥100 contracts

Depth 15.0 contracts (bid:8.8 ask:6.2) — thin

<1.0%

Avg slippage 3.39% — poor

Timing

Is now a good time?

6.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope +2.7% — flat/unclear

<30 or >70

IV percentile 94% — seller opportunity

≥10pts kink

IV kink -1.5pts — no clear event

<0.5 or >2.0

θ/ν ratio 310.01 — 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 -20% @ 61% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls4.9
bullishIV fair, mixed flow
Long Puts4.4
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.2
bullishIV fair, mixed flow
Covered Call4.7
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.

More on ORKA

ORKA gamma wallsORKA max painORKA IV rankORKA options flow