TNGXTango Therapeutics, Inc.
Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $3.6B|NASDAQ
● 2026-05-15$24.87
BULLISH
Analysis: 2026-05-14 EOD data
1Y +1536.2%YTD +178.5%7D +8.0%
Options Vol
1,911
30D
Implied Move
±8.6%
IV Rank
32%
TNGX Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
1.6
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 96.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.63x — IV premium over HV
Sector Relative≤50%
Sector percentile 92% — above sector median
Term Structure
<1.1xFront/Back 1.36x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 131.8% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 163.5% (ATM 131.8% + spread 15.9% + bias) — expensive
Execution Efficiency
<3.0%Total drag 20.59% (spread 15.86% + slippage 4.73%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.33 (vega 0.516 / spread 15.86%) — spread drag
Sentiment
Bullish or bearish?
4.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Moderate signal (Conviction: -20%, Raw: +15%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -20% (bearish) — Raw: +15%
OI Skew Magnitude
≥15%|OI skew| 56.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -1.7%, OI skew +56.9% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 89%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -75%, ATM: -15%, OTM: +83% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 77% — very bearish vs sector
Activity
Unusual activity?
4.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 1.6x avg — elevated
Turnover Rate
≥15%Vol/OI 8.2% — normal 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 +3.2% (5d) — building
Sector Relative≥60%
Sector activity percentile 86% — very active vs sector
Trade Quality
≥30%Large trade volume 15% — mostly retail
Execution Urgency
≥60%Aggressive execution 8% — patient
Flow Conviction
≥30Conviction -20 (bearish) — mixed
Liquidity
Can I trade efficiently?
2.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 15.9% — wide
Adequate OI
≥10,000OI 23,262 — adequate
Active Volume
≥500Volume 1,911/day — adequate
Reasonable Cost
≤$0.50$0.79 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 97% — much wider than sector
Order Book Depth
≥100 contractsDepth 143.9 contracts (bid:110.4 ask:33.5) — adequate
Execution Quality
<1.0%Avg slippage 4.73% — poor
Timing
Is now a good time?
7.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +35.8% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 96% — seller opportunity
Event Detection
≥10pts kinkIV kink 32.8pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 0.42 — 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 -20% @ 60% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 45 (ITM 20% + inst 15%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls3.9
bullishIV expensive, mixed flow
Long Puts4.0
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put6.6
bullishIV rich premium, mixed flow
Covered Call6.1
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.