Options/SNDX

SNDXSyndax Pharmaceuticals, Inc.

Options Analysis Report•PHARMACEUTICAL PREPARATIONS

Market Cap $1.7B|NASDAQ

● 2026-08-31$19.54

BEARISH

Analysis: 2026-08-28 EOD data

1Y +21.2%YTD -8.3%7D -0.2%

Options Vol

620

30D

Implied Move

±14.0%

IV Rank

21%

SNDX Options Overview

unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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SNDX Gamma Walls

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SNDX Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where SNDX sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.76) — options are pricing vol 89% above what the stock has actually been realizing, and downside puts carry 3.9 IV points LESS than at-the-money, measured against this name's own rolling 25-trading-day realized moves (479 overlapping windows). Fragility reads neutral (5.78): it is trading 5% below its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

3.76/ 10cheap

Basis: cross_sectional

Fragility

5.78/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

6.1

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 50.0% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

Term Structure

<1.1x

Front/Back 0.66x — contango

Skew Normal

<1.25x

Put/Call IV 1.00x — normal

Absolute IV

<80%

ATM IV 0.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 114.5% (ATM 0.0% + spread 57.2% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 79.71% (spread 57.23% + slippage 22.48%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 57.23%) — spread drag

Sentiment

Bullish or bearish?

2.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -98%, Raw: -97%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -98% (strong bearish) — Raw: -97%

OI Skew Magnitude

≥15%

|OI skew| 59.0% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -0.3%, OI skew +59.0% — 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: -96%, OTM: -99% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 75% — very bearish vs sector

Activity

Unusual activity?

4.5

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 0.9x avg — normal

Turnover Rate

≥15%

Vol/OI 4.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -12.9% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 77% — active vs sector

Trade Quality

≥30%

Large trade volume 97% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 40% — patient

Flow Conviction

≥30

Conviction -98 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

3.4

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 57.2% — wide

Adequate OI

≥10,000

OI 14,304 — adequate

Active Volume

≥500

Volume 620/day — adequate

Reasonable Cost

≤$0.50

$2.86 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

Order Book Depth

≥100 contracts

Depth 70.1 contracts (bid:40.8 ask:29.3) — thin

Execution Quality

<1.0%

Avg slippage 22.48% — poor

Timing

Is now a good time?

6.6

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -34.1% — contango

IV Percentile Clarity

<30 or >70

IV percentile 50% — neutral

Event Detection

≥10pts kink

IV kink -25.2pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

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 -98% @ 99% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 127 (ITM 20% + inst 97%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls4.6

bullishIV cheap, bearish flow

Long Puts7.1

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put3.7

bullishIV too cheap, bearish flow

Covered Call5.4

bearishIV too cheap, bearish 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 SNDX

SNDX gamma walls SNDX max pain SNDX IV rank SNDX options flow