Bearish flow noted in Apellis Pharmaceuticals with 4,057 puts trading, or 4x expected. Most active are Sep-23 35 puts and Sep-23 40 puts, with total volume in those strikes near 2,900 contracts. The Put/Call Ratio is 1.65, while ATM IV is up nearly 5 points on the day. Earnings are expected on November 6th.
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