Options/TNGX

TNGXTango Therapeutics, Inc.

Options Analysis Report•PHARMACEUTICAL PREPARATIONS

Market Cap $3.9B|NASDAQ

● 2026-09-11$23.37

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y +241.7%YTD +161.7%7D +3.8%

Options Vol

125

30D

Implied Move

±8.6%

IV Rank

12%

TNGX Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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TNGX Gamma Walls

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Value

Is IV priced right?

2.9

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 94.8% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.97x — IV premium over HV

Sector Relative≤50%

Sector percentile 88% — above sector median

Term Structure

<1.1x

Front/Back 1.05x — flat

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 97.1% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 267.7% (ATM 97.1% + spread 85.3% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 121.55% (spread 85.28% + slippage 36.27%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.16 (vega 1.356 / spread 85.28%) — spread drag

Sentiment

Bullish or bearish?

6.4

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +24%, Raw: +10%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +24% (bullish) — Raw: +10%

OI Skew Magnitude

≥15%

|OI skew| 12.4% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +42.4%, OI skew -12.4% — divergent (opposite)

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: +0%, ATM: +100%, OTM: -7% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 41% — bullish vs sector

Activity

Unusual activity?

2.1

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.2x avg — normal

Turnover Rate

≥15%

Vol/OI 0.9% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +1.9% (5d) — stable

Sector Relative≥60%

Sector activity percentile 38% — below sector avg

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 40% — patient

Flow Conviction

≥30

Conviction +24 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 85.3% — wide

Adequate OI

≥10,000

OI 14,087 — adequate

Active Volume

≥500

Volume 125/day — thin

Reasonable Cost

≤$0.50

$4.26 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 208.4 contracts (bid:133.8 ask:74.6) — adequate

Execution Quality

<1.0%

Avg slippage 36.27% — poor

Timing

Is now a good time?

6.6

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +4.9% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 95% — seller opportunity

Event Detection

≥10pts kink

IV kink 8.8pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 16.32 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +24% @ 62% consistency — unclear

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls4.6

bullishIV expensive, bullish flow

Long Puts3.6

bearishIV expensive, bullish flow

Premium Sellers

Cash-Secured Put5.9

bullishIV rich premium, bullish flow

Covered Call4.9

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 Sep 7, 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 TNGX

TNGX gamma walls TNGX option chain TNGX max pain TNGX expected move TNGX IV rank TNGX put/call ratio TNGX options flow