Bearish flow noted in Apellis Pharmaceuticals with 4,906 puts trading, or 5x expected. Most active are 11/10 weekly 31 puts and 11/10 weekly 44 puts, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 3.96, while ATM IV is up nearly 11 points on the day. Earnings are expected on February 20th.
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