Bearish flow noted in Apellis Pharmaceuticals with 1,140 puts trading, or 2x expected. Most active are Nov-23 35 puts and Oct-23 50 calls, with total volume in those strikes near 1,200 contracts. The Put/Call Ratio is 2.27, while ATM IV is up over 1 point on the day. Earnings are expected on November 6th.
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