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KRYSKrystal Biotech, Inc. Common Stock

Options Analysis Report•BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)
Market Cap $10.4B|NASDAQ
● 2026-08-31$351.46
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +135.9%YTD +42.3%7D +2.9%
96
30D
±11.2%
4%

KRYS Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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KRYS Gamma Walls

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Value

Is IV priced right?

7.1
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 72.8% — elevated vs history

<1.05x

IV/HV 1.06x — IV premium over HV

Sector Relative≤50%

Sector percentile 43% — below sector median

<1.1x

Front/Back 0.75x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 47.1% — normal range

<80%

Effective IV 84.0% (ATM 47.1% + spread 18.5% + bias) — expensive

<3.0%

Total drag 21.40% (spread 18.46% + slippage 2.94%) — high friction

≥5.0

Vega efficiency 18.10 (vega 33.413 / spread 18.46%) — efficient

Sentiment

Bullish or bearish?

5.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -22%, Raw: -14%)
|net sentiment| ≥25%

Conviction-weighted: -22% (bearish) — Raw: -14%

≥15%

|OI skew| 8.5% — balanced

Same sign, |vol skew| ≥10%

Vol skew +16.7%, OI skew +8.5% — 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: -7%, OTM: -16% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 51% — neutral vs sector

Activity

Unusual activity?

3.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.2x avg — normal

≥15%

Vol/OI 1.4% — normal turnover

≥2 days

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

≥5%

OI change +15.9% (5d) — building

Sector Relative≥60%

Sector activity percentile 47% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 13% — patient

≥30

Conviction -22 (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 18.5% — wide

≥10,000

OI 7,013 — thin

≥500

Volume 96/day — thin

≤$0.50

$0.92 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 76% — wider than sector

≥100 contracts

Depth 15.1 contracts (bid:7.1 ask:8.0) — thin

<1.0%

Avg slippage 2.94% — 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 -24.8% — contango

<30 or >70

IV percentile 73% — seller opportunity

≥10pts kink

IV kink -6.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 98.97 — 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 -22% @ 62% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.7
bullishIV cheap, mixed flow
Long Puts5.5
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.2
bullishIV too cheap, mixed flow
Covered Call4.0
bearishIV too cheap, 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 KRYS

KRYS gamma wallsKRYS max painKRYS IV rankKRYS options flow