argenx's FB102 Hits Main Goal in Phase II Celiac Disease Study
The positive trial news sits uneasily with off-exchange selling that leaned short, while standing options still favor calls.
Zacks Investment Research · 10/09
Undercurrent · Money-flow snapshot
ARGX Max Pain, Dark Pool & Options Flow
ARGX max pain for the Oct 16, 2026 expiry is $900, from the Thu Oct 8 options chain. The last price, $825.03, is 8.3% below it. Call wall $920 · put floor $810.
What the institutional money is doing on ARGX right now — dark pool, options positioning, and where the news and the money disagree. Free.
The money right now
Dark pool share
45.6% (market avg 52%)
Dark pool volume vs its norm
1.3×
Short share of that
56.2% (norm 49%)
Price
$825.03
Max pain
$900
Oct 16 exp
Call wall
$920
Oct 16 exp
Put floor
$810
Oct 16 exp
Put/Call ratio
0.43
Squeeze pressure
10
Dark pool share: Off-exchange volume ran 1.3× its norm
Off-exchange prints never touch the public book, so they move size without moving the quote. That is the point of using them. Activity clearly picked up, but the short share at 56% vs a 49% norm is unremarkable — too early to call it accumulation or unwinding. Whether it persists is the tell.
Source: FINRA · Fri 10/9 close
What it means: Off-exchange trading in ARGX ran about 1.3 times its usual volume, with 56% of that off-exchange volume sold short versus a 49% norm, which leans slightly defensive. Standing options positions lean toward calls (put-to-call ratio 0.43), so the signals are mixed rather than clearly directional.
News vs the money
ARGX Stock Falls After It Stops a Late-Stage Autoimmune Study
The share drop is consistent with the short-leaning off-exchange activity, though standing call positions point the other way.
Zacks Investment Research · 10/09
argenx: The Sjögren's Selloff May Be Too Harsh
The argument that the selloff is overdone is not clearly backed by the money signals, which show short-leaning activity alongside call-heavy standing positions.
Seeking Alpha · 10/09
Investor Alert: SueWallSt Opens Investigation Into argenx
The investigation notice does not line up clearly with the money signals, which are mixed.
PRNewsWire · 10/08
Halozyme Wins Court Order Blocking Merck's Keytruda SC in Europe
This story concerns Halozyme rather than ARGX, so the ARGX money signals do not directly reflect it.
Zacks Investment Research · 10/08
See it live, free
Get Undercurrent — the news behind the money →Add ARGX to My Watchlist in the free SIGNUM HQ app (iPhone · Android) →New to this? Why'd It Move? turns today's move into a 60-second lesson →What is a “divergence”?
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
How to read these numbers
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
Nearby tickers
Today’s off-exchange leaders → · See all tickers →Today’s rankings — what broke from normal
Learn the numbers