Bearish flow noted in Apellis Pharmaceuticals with 2,161 puts trading, or 3x expected. Most active are Oct-23 46 puts and Oct-23 44 puts, with total volume in those strikes near 1,700 contracts. The Put/Call Ratio is 5.73, while ATM IV is up over 2 points on the day. Earnings are expected on November 6th.
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