Sonoma Pharmaceuticals and Indivior compared head to head
This comparison is a general look at the businesses, and the money signals show balanced options positioning with no clear directional bet, so the two do not conflict.
Defense World · 09/25
Undercurrent · Money-flow snapshot
INDV Max Pain, Dark Pool & Options Flow
INDV max pain for the Oct 16, 2026 expiry is $39, from the Fri Oct 9 options chain. The last price, $35.83, is 8.1% below it. Call wall $39 · put floor $35.
What the institutional money is doing on INDV right now — dark pool, options positioning, and where the news and the money disagree. Free.
The money right now
Dark pool share
7.4% (market avg 52%)
Dark pool volume vs its norm
0.6×
Short share of that
46.0% (norm 63%)
Price
$35.83
Max pain
$39
Oct 16 exp
Call wall
$39
Oct 16 exp
Put floor
$35
Oct 16 exp
Put/Call ratio
0.85
Squeeze pressure
15
Dark pool share: Off-exchange volume was quiet at 0.6× 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. Large players were quiet in this name that day. The share (7.4%) may look normal, but the absolute size behind it was thin.
Source: FINRA · Fri 10/9 close
What it means: Indivior's latest money signals are mixed to quiet. Off-exchange volume came in below its usual level, and options positioning is balanced between calls and puts, with no large new bets showing.
News vs the money
Indivior announces a special cash dividend
The dividend news is positive for shareholders, but the money signals are balanced and show no large new positions, so there is no clear conflict to note.
GlobeNewsWire · 09/17
Five small drug stocks could benefit as biotech recovers
The article is upbeat about biotech, while the money signals are balanced with no large new bets, so the two are not clearly at odds.
Zacks Investment Research · 09/14
HighTower Advisors buys a new $3.41 million stake in Indivior
A single fund's new stake is a quarterly filing, not a live trade, and current options and off-exchange signals show no matching surge, so the picture is neutral.
Defense World · 09/12
Indivior's proposed Supernus merger could broaden its growth
The merger story is hopeful about future growth, while the money signals are balanced and quiet, so there is no clear divergence.
Zacks Investment Research · 08/21
See it live, free
Get Undercurrent — the news behind the money →Add INDV 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