Glaukos adds a second billing-code drug and posts 50% sales growth
The growth story is positive, but options traders are holding more downside protection than upside bets, so the money looks cautious.
Seeking Alpha · 10/09
Undercurrent · Money-flow snapshot
GKOS Max Pain, Dark Pool & Options Flow
GKOS max pain for the Oct 16, 2026 expiry is $160, from the Fri Oct 9 options chain. The last price, $165.69, is 3.6% above it. Call wall $180 · put floor $140.
What the institutional money is doing on GKOS right now — dark pool, options positioning, and where the news and the money disagree. Free.
The money right now
Dark pool share
36.0% (market avg 52%)
Dark pool volume vs its norm
1.2×
Short share of that
77.7% (norm 61%)
Price
$165.69
Max pain
$160
Oct 16 exp
Call wall
$180
Oct 16 exp
Put floor
$140
Oct 16 exp
Put/Call ratio
1.57
Squeeze pressure
23
Dark pool share: 36% off-exchange — 16pp below the market
Off-exchange prints never touch the public book, so they move size without moving the quote. That is the point of using them. Most of the day cleared on the lit market — either there was nothing to hide, or the large players sat out. Short share of the off-exchange piece: 78% vs a 61% norm.
Source: FINRA · Fri 10/9 close
What it means: GKOS money signals lean defensive: put open interest is well above call open interest, and recent volume was heavily put-skewed. Off-exchange volume is somewhat elevated versus its own norm, with short share above its usual level, which reads as hedging rather than clear accumulation.
News vs the money
Glaukos licenses a retinal drug and its shares fall 6.3%
The deal is a growth move while the stock fell, and options positioning leans toward puts, so news and money are broadly aligned on caution.
Zacks Investment Research · 10/09
⚡ DIVERGENCEGlaukos reports a stronger eye-pressure reduction in a new therapy study
The clinical results sound positive, but put-heavy positioning suggests traders are not treating the news as a reason to buy.
Benzinga · 10/09
⚡ DIVERGENCEGlaukos reports positive late-stage results for a glaucoma therapy used with cataract surgery
The trial news is upbeat, yet the money is leaning defensive with more puts than calls, so the two point in different directions.
Business Wire · 10/09
⚡ DIVERGENCEGlaukos shares three-year data on a keratoconus treatment and signs a retinal licensing deal
The news flow is constructive, but options positioning remains put-heavy, so the money is not confirming an optimistic read.
Benzinga · 10/08
See it live, free
Get Undercurrent — the news behind the money →Add GKOS 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