Options/SMMT

SMMTSummit Therapeutics Inc. Common Stock

Options Analysis Report•PHARMACEUTICAL PREPARATIONS

Market Cap $11.0B|NASDAQ

● 2026-08-31$13.73

BULLISH

Analysis: 2026-08-28 EOD data

1Y -42.4%YTD -21.6%7D +7.9%

Options Vol

3,474

30D

Implied Move

±36.3%

IV Rank

23%

SMMT Options Overview

IV is elevated with bullish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

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SMMT Gamma Walls

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SMMT Hedge Radar

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Full Hedge Radar

Fragility reads high; protection is priced cheap. Neither axis is a forecast — this is where SMMT sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.37) — downside puts carry 0.9 IV points more than at-the-money, and implied vol sits in the 14th percentile of its own past year, measured against this name's own rolling 21-trading-day realized moves (483 overlapping windows). Fragility reads fragile (6.62): it is trading 14% above its hedge wall on a wall graded MEDIUM for reliability, a name whose wall relationship is measured as inverted, and its realized-vol regime is stable.

Protection cost

2.37/ 10cheap

Basis: cross_sectional

Fragility

6.62/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

2.5

ExpensiveCheap

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

levels.

Risk Checks2/9 checks passed

IV Rank

≤35%

IV Rank 96.0% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.50x — IV premium over HV

Sector Relative≤50%

Sector percentile 89% — above sector median

Term Structure

<1.1x

Front/Back 0.60x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 100.5% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 146.9% (ATM 100.5% + spread 23.2% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 30.81% (spread 23.22% + slippage 7.59%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.10 (vega 0.222 / spread 23.22%) — spread drag

Sentiment

Bullish or bearish?

6.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +3%, Raw: +2%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +3% (neutral) — Raw: +2%

OI Skew Magnitude

≥15%

|OI skew| 27.1% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +42.3%, OI skew +27.1% — aligned

Conviction Quality

≥2/3 conditions

0-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: +1%, ATM: -5%, OTM: +3% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 39% — bullish vs sector

Activity

Unusual activity?

3.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 2.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +15.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 60% — neutral vs sector

Trade Quality

≥30%

Large trade volume 31% — institutional presence

Execution Urgency

≥60%

Aggressive execution 17% — patient

Flow Conviction

≥30

Conviction +3 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.2

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 23.2% — wide

Adequate OI

≥10,000

OI 154,230 — deep

Active Volume

≥500

Volume 3,474/day — adequate

Reasonable Cost

≤$0.50

$1.16 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 95% — much wider than sector

Order Book Depth

≥100 contracts

Depth 151.9 contracts (bid:99.0 ask:52.9) — adequate

Execution Quality

<1.0%

Avg slippage 7.59% — 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 -40.4% — contango

IV Percentile Clarity

<30 or >70

IV percentile 96% — seller opportunity

Event Detection

≥10pts kink

IV kink -50.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 3.92 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +3% @ 51% consistency — unclear

Smart Money Timing

≥40 composite score

Score 61 (ITM 20% + inst 31%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.7

bullishIV expensive, bullish flow

Long Puts3.6

bearishIV expensive, bullish flow

Premium Sellers

Cash-Secured Put6.3

bullishIV rich premium, bullish flow

Covered Call5.2

bearishIV rich premium, bullish 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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