Bearish flow noted in Apellis Pharmaceuticals with 1,025 puts trading, or 1.2x expected. Most active are Nov-23 40 puts and Dec-23 22.5 puts, with total volume in those strikes near 830 contracts. The Put/Call Ratio is 4.25, while ATM IV is up nearly 6 points on the day. Earnings are expected on November 6th.
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