SNDX max pain for the Oct 16, 2026 expiry is $19. The last price, $17.37, is 8.6% below it. Call wall $20 · put floor $17.
What the institutional money is doing on SNDX right now — dark pool, options positioning, and where the news and the money disagree. Free.
The call-heavy options positioning suggests traders are betting on upside despite the dilutive grant announcement, indicating confidence in pipeline catalysts may outweigh near-term share dilution.
Options traders are already leaning bullish with more calls than puts, aligning with the analyst upgrade, though off-exchange volume remains subdued—suggesting the bullish view is not yet backed by large institutional positioning.
Call-heavy options flow reflects anticipation of Q4 readouts, but the low squeeze score and subdued dark-pool activity suggest this bullish lean is not yet crowded or stressed—room for conviction to build.
Options positioning remains call-heavy and aligned with the bullish narrative, but no new large positions were opened—the market is waiting for Q4 data to validate the thesis rather than front-running it.
Options traders maintain a call-heavy stance despite the earlier grant announcement, suggesting the market is pricing in dilution as a known cost of doing business in biotech.
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.
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).
