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STROSutro Biopharma, Inc.

Options Analysis Report•BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)
Market Cap $339M|NASDAQ
● 2026-08-31$20.45
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +115.0%YTD +86.6%7D -0.2%
130
30D
±33.4%
6%

STRO Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

6.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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STRO Gamma Walls

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Value

Is IV priced right?

6.4
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 50.0% — elevated vs history

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

<1.1x

Front/Back 1.14x — backwardation

<1.25x

Put/Call IV 1.00x — normal

<80%

ATM IV 0.0% — normal range

<80%

Effective IV 181.0% (ATM 0.0% + spread 90.5% + bias) — expensive

<3.0%

Total drag 117.43% (spread 90.50% + slippage 26.93%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 90.50%) — spread drag

Sentiment

Bullish or bearish?

7.2
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +100%, Raw: +100%)
|net sentiment| ≥25%

Conviction-weighted: +100% (strong bullish) — Raw: +100%

≥15%

|OI skew| 76.9% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -100.0%, OI skew -76.9% — 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: +100% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 58% — bearish vs sector

Activity

Unusual activity?

7.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks6/8 checks passed
≥1.5x

Volume 2.1x avg — hot

≥15%

Vol/OI 21.4% — high turnover

≥2 days

2 day(s) elevated — sustained

≥5%

OI change +286.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 97% — very active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 50% — patient

≥30

Conviction +100 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

3.0
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 90.5% — wide

≥10,000

OI 606 — thin

≥500

Volume 130/day — thin

≤$0.50

$4.53 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

≥100 contracts

Depth 65.5 contracts (bid:25.5 ask:40.0) — thin

<1.0%

Avg slippage 26.93% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +14.5% — backwardation

<30 or >70

IV percentile 50% — neutral

≥10pts kink

IV kink 11.4pts — event priced

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥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 +100% @ 100% consistency — STRONG directional (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.2
bullishIV cheap, bullish flow
Long Puts4.7
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.2
bullishIV too cheap, bullish flow
Covered Call3.7
bearishIV too cheap, 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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