SNDX Syndax Pharmaceuticals, Inc.

XNAS 13.22 Delayed
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SNDX $13.22 —
Key stats
$13.22
Pre-market $13.39 +1.29%
52-Week Range
$12.79 – $25.59
YTD
-37.93%
IV Rank (30D)
82.88
Straddle Price
$2.65
P/C Vol Ratio
2.07
Market Cap
$1.2B
Open
$13.58
Day Range
$13.12 – $13.70
Volume
1,991,189
Prev Close
$13.40
Fair Value
MODEL: LONG

A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.

  • DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
  • Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
  • DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
  • P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
  • Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
  • Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
  • Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
  • Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
10-yr Treasury (rf)4.96%
Beta vs SPY0.99
Cost of Equity (CAPM)9.89% (VRP-adj)
WACC8.45%
Volatility Risk Premium+124.3pp (IV − HV30)
Effective Tax Rate21.0%
Rev. Growth (YoY, DCF input)+30.0%
DCF Horizon10 years explicit + fade
Forward Tilt (NTM/TTM)×1.10 (applied to P/E, EV/EBITDA, P/S)
Free Cash Flow (TTM)$-0.2B
Return on Equity (TTM)-1462.1%
Book / Price1.3%
Gross Margin (TTM)95.8%
FCF Margin (TTM)-94.4%
Debt / Equity39.00
Quality Score2/6 — normal (10y DCF)
SMA 50$17.67 (Market Anchor value)
SMA 20 / Bollinger Mid$15.46
Bollinger Width / SMA20360.6% (drives anchor stability)
Net Debt$0.3B
Market Cap$1B
Peers used for multiples: AMGN, BBIO, COGT, CRNX, EXEL, LLY, ONC, RVMD
60-Day Conviction
86%
20-Day Fair Value
≈ by Nov 25, 2026
$13.31
α +0.7% rank 77%
conviction
41%
40-Day Fair Value
≈ by Dec 24, 2026
$13.53
α +2.4% rank 76%
conviction
74%
60-Day Fair Value
≈ by Jan 22, 2027
$13.69
α +3.5% rank 70%
conviction
86%
MethodImplied PriceWeightDetail
DCF n/a 0%
DDM (Gordon) n/a 0%
Peer P/E n/a 0% median 34.8× · 4 peers
Peer EV/EBITDA n/a 0% median 22.9× · 4 peers
Peer P/B $1.75 12% median 10.2× · 7 peers
Peer P/S $33.60 12% median 10.6× · 6 peers
Market Anchor (SMA50) $17.67 51% stability 85% (BB-width)
Options Expected (B-L 30d) $12.90 26% 17 strikes · skew +0.33
As of 2026-10-27 · updated
About
Industry (SIC)
PHARMACEUTICAL PREPARATIONS (2834) · industry map
Exchange
XNAS
Market Cap
$1.2B
Employees
298
List Date
2016-03-03
CIK
0001395937
Next Earnings
2026-11-02 (Pre-Market)
EPS Forecast
($0.51) (6 est.)
Headquarters
New York, NY
Homepage
https://www.syndax.com

Syndax Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on developing a pipeline of combination therapies in multiple cancer indications. Its product candidates include revumenib and axatilimab. It is developing revumenib, a selective menin-MLL inhibitor for KMT2A-rearranged (MLL-r) and NPM1-mutant acute leukemias, including ALL and AML. It is also developing axatilimab, a CSF-1R-blocking antibody for cGVHD and idiopathic pulmonary fibrosis. Entinostat is its oral, small molecule product candidate that has direct effects on both cancer cells and immune regulatory cells…

Summary
—
composite
—
No summary data available for this symbol yet.

Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.

Chart
Seasonality
'21'22'23'24'25'26Avg
Jan-10.30%-26.23%12.11%-6.27%0.64%-4.65%-5.78%
Feb16.46%-6.14%-12.53%10.36%9.07%1.69%3.15%
Mar-7.41%8.22%-15.04%0.38%-20.64%5.51%-4.83%
Apr-32.94%-4.82%-1.72%-11.14%17.82%-10.26%-7.18%
May15.32%-4.01%-5.09%-12.29%-23.73%2.51%-4.55%
Jun-6.58%16.11%3.77%6.37%-14.71%15.97%3.49%
Jul-18.04%6.82%2.16%5.43%12.47%-8.26%0.10%
Aug16.76%15.85%-12.36%-6.59%63.63%0.26%12.93%
Sep5.76%-2.83%-25.73%-6.28%-4.56%-6.47%-6.68%
Oct-0.31%-4.81%4.30%-5.18%-12.63%-27.44%*-7.68%
Nov-18.81%3.59%19.58%-11.91%44.04%--7.30%
Dec43.73%1.68%30.42%-20.84%9.88%--12.97%
Total-17.73%-4.16%-12.77%-47.47%62.16%-31.87%-8.64%
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $15.46
SMA 50: $17.67
SMA 200: $20.37
Current: $13.22
EMA 12: $14.10
EMA 26: $15.52
MACD: -1.4189 | Signal: -0.1135
BEARISH
ADX (14): 47.67
STRONG TREND
+DI: 9.84
−DI: 33.53

Momentum Oscillators

RSI (14): 27.28
OVERSOLD
Stoch %K: 11.42
Stoch %D: 10.47
Williams %R: -91.33

Volume & Volatility

BB Upper: $19.77
BB Lower: $11.15
NEUTRAL
OBV: -2,215,620
Vol SMA 20: 2,490,275
Vol ROC: -1.93%
ATR: $0.76
True Range: $0.58
HV 20: 69.3%
HV 30: 60.7%
HV 60: 52.4%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-10-28T00:00:00 – 2026-10-26T00:00:00
AI Analysis

SNDX Stock Analysis Report

Executive Summary

Overall Assessment: BEARISH | Confidence Level: 7/10

Primary Thesis: Syndax Pharmaceuticals exhibits a critical divergence between fundamentally positive news catalysts and deteriorating technical momentum. While the company has achieved significant regulatory milestones (FDA approval of Revuforj® in October 2025) and maintains a strong pipeline narrative, the stock is trading 18.2% below its 200-day moving average with sharply negative momentum indicators and a bearish options market positioning. The weak correlation to the broader market (R² = 0.15) suggests company-specific headwinds are driving the decline, not market-wide factors.

Key Drivers:

  • Positive regulatory catalyst (Revuforj® FDA approval, Oct 2025) not supporting price action
  • Strong downtrend: price at $16.99 vs SMA200 of $20.79 (18.2% discount)
  • Sharply negative momentum with ADX 31.06 confirming strong downtrend regime
  • Options market pricing significant put positioning (2.14 put/call volume ratio)

Primary Risks:

  • Technical breakdown may indicate market skepticism of revenue generation despite approvals
  • High implied volatility (83.8% IV, 110.5% premium to realized volatility) suggests elevated uncertainty
  • Commercial execution risk for Revuforj® ramp-up not reflected in positive headlines

Technical Analysis

Trend Direction

Short-term (1-4 weeks): BEARISH

  • Price $16.99 trading below all major moving averages (SMA20: $17.80, SMA50: $19.00, SMA200: $20.79)
  • EMA 12 ($17.60) below EMA 26 ($18.16) confirms bearish crossover
  • ADX 31.06 indicates strong trending environment with -DI 27.83 > +DI 11.94 (strong downward pressure)

Medium-term (1-3 months): BEARISH

  • 18.2% decline from 200-day average suggests sustained selling pressure
  • Price structure lower; currently testing lower Bollinger Band ($16.82)
  • No recovery structure visible above resistance at SMA20 ($17.80)

Long-term (3-12 months): NEUTRAL-TO-BEARISH

  • Extended decline below 200-day MA ($20.79) indicates structural weakness
  • However, positive FDA approval catalysts (Oct 2025) should theoretically support recovery
  • Disconnect between news sentiment and price action suggests longer-term skepticism about commercial traction

Support/Resistance Levels

Resistance (Bullish Case Requirement):

  • Immediate: $17.80 (SMA 20) — nearest resistance; break required to confirm momentum shift
  • Key: $18.78 (Upper Bollinger Band) — would signal mean reversion to neutral territory
  • Secondary: $19.00 (SMA 50) — psychological and technical hurdle

Support (Risk Management):

  • Immediate: $16.82 (Lower Bollinger Band) — currently within striking distance; critical floor
  • Key: $16.00 level (round number support, ~5.8% below current)
  • Major: $15.00 level (psychological support, ~11.8% downside)

DATA QUALITY NOTE: Band width of 11.00% is moderate; current neutral signal suggests no extreme overbought/oversold squeeze.

Momentum Signals

RSI (14): 37.45 — NEUTRAL, Leaning Bearish

  • Reading in neutral zone (30-70) but positioned in lower half
  • Not yet oversold (<30), suggesting further downside possible before mean reversion bounce
  • Indicates selling pressure hasn't reached capitulation levels

MACD: -0.56 / Signal: -0.05 / Histogram: -0.51 — BEARISH

  • MACD (-0.56) trading well below signal line (-0.05)
  • Negative histogram (-0.51) confirms bearish momentum with no signs of bullish crossover
  • Critical Signal: No upward momentum despite positive news; suggests market digesting Revuforj® approval as priced-in or underwhelming

Stochastic Oscillators: %K 17.38, %D 19.90 — OVERSOLD WATCH

  • Both readings in lower range, approaching oversold territory (<20)
  • Williams %R at -76.47 is deep in oversold zone (below -80), suggesting potential for mean reversion bounce
  • Interpretation: Extreme reading may indicate capitulation selling; watch for reversal signal

Bollinger Bands: NEUTRAL — No Squeeze, Price at Lower Band

  • Upper band $18.78, middle $17.80, lower $16.82
  • Current price $16.99 positioned near lower band suggests mean reversion risk or capitulation
  • Neutral signal (width 11.00%) indicates normal volatility expansion, not compressed setup

Volume Analysis

Volume Trends:

  • Volume Rate of Change: +8.63% above 20-day average
  • Interpretation: Above-average volume on decline confirms institutional selling pressure
  • 20-day average volume: 1,919,533 shares
  • Bullish Consideration: Elevated volume on decline could indicate capitulation; if volume dries up on further decline, reversal becomes more likely

On-Balance Volume: 8,789,655.73

  • OBV trending down in conjunction with price weakness
  • Suggests consistent selling throughout the decline, not rotational accumulation
  • Risk Signal: No divergence pattern showing smart money accumulating; pure distribution

Institutional Activity Assessment:

  • Volume elevated but directional (bearish) rather than showing accumulation
  • Above-average volume on decline typically precedes continued weakness or capitulation bounce

News & Sentiment Analysis

Recent Headlines Summary

Positive News Cluster (All Headlines Positive Sentiment):

  1. FDA Approval Milestone (Oct 24, 2025): Revuforj® (revumenib) approved for adult and pediatric patients with relapsed/refractory NPM1 mutated AML — Major catalyst already 7+ months old as of analysis date

  2. Commercial Expansion (Jan 7, 2026): Syndax and World Orphan Drug Alliance launching multi-regional Managed Access Program for Revuforj® outside U.S. — Positive for revenue ramp, indicates international expansion

  3. Capital Raise (Mar 13, 2026): $6.5 million investment in cancer drug maker with $172M revenue and multiple approved therapies — Modest capital infusion, suggests runway secured

  4. Conference Participation (May 20, 2026 & Dec 1, 2025): Multiple investor conference appearances — Standard IR activity, neutral to slightly positive

  5. Competitive Context (Oct 10, 2025): Market report on menin inhibitors mentioning Kura Oncology & Kyowa Kirin progress — Competitive risk signal (not direct negative on SNDX but acknowledges competition)

Sentiment Assessment: POSITIVE (Headlines) vs. BEARISH (Price Action)

Critical Divergence: All 6 recent headlines are positive, yet stock declined 18.2% from 200-day average. This suggests:

  • Market pricing in regulatory approval was insufficient catalyst
  • Commercial execution concerns on Revuforj® revenue ramp not addressed in headlines
  • Potential concerns about peak sales assumptions for a niche (NPM1-mutated AML) indication
  • Broader market skepticism about small-cap biotech revenue generation

Catalyst Identification

Immediate (1-7 days):

  • None identified from current news

Near-term (1-4 weeks):

  • Next Earnings: November 2, 2026 — Critical catalyst to assess Revuforj® uptake and revenue trajectory
  • Conference appearances may generate investor updates

Medium-term (1-3 months):

  • Revuforj® commercial traction reports (patient volume, revenue trajectory)
  • Managed Access Program enrollment data from international expansion
  • Competitive menin inhibitor data from rivals (Kura, Kyowa Kirin) could impact market perception

Longer-term (3-12 months):

  • Additional indications for revumenib in pipeline
  • Manufacturing/supply chain updates
  • Secondary fundraising potential (if cash burn accelerates)

Market Narrative vs. Technical Signals

Conflict Assessment: HIGH (Bearish Implication)

| Signal | Technical | News/Fundamental | |--------|-----------|------------------| | **

Generated
Earnings History
17 of 18 under expected move
Avg Expected Move
14.68%
Avg Actual Move
3.89%
Each row pairs the pre-earnings straddle-implied expected move with the realized close-to-close move. Sorted oldest first.
Earnings Date Timing Expected Move Actual Move Ratio Outcome
2021-03-08 Pre-Market 9.97% 1.19% 0.12x Within
2021-05-11 Pre-Market 12.47% 2.56% 0.21x Within
2022-03-01 Pre-Market 6.74% 3.01% 0.45x Within
2023-05-08 Pre-Market 12.21% 1.15% 0.09x Within
2023-08-03 Pre-Market 13.33% 0.63% 0.05x Within
2023-11-02 Pre-Market 16.24% 6.18% 0.38x Within
2024-02-27 Pre-Market 16.82% 0.14% 0.01x Within
2024-05-08 Pre-Market 8.89% 3.45% 0.39x Within
2024-08-01 Pre-Market 13.99% 3.08% 0.22x Within
2024-11-05 Pre-Market 22.57% 3.96% 0.18x Within
2025-03-03 Pre-Market 20.94% 1.02% 0.05x Within
2025-05-05 After-Close 16.40% 21.59% 1.32x Exceeded
2025-08-04 Pre-Market 12.53% 4.01% 0.32x Within
2025-11-03 After-Close 21.26% 11.56% 0.54x Within
2026-01-12 Pre-Market 8.10% 1.33% 0.16x Within
2026-02-26 Pre-Market 20.36% 0.39% 0.02x Within
2026-04-30 Pre-Market 21.45% 3.88% 0.18x Within
2026-08-04 Pre-Market 10.01% 0.83% 0.08x Within

Earnings calendar: this week’s reports with expected vs actual moves →

SNDX Options Activity & IV Rank

SNDX IV rank history, 52-week IV rank and IV percentile →

Volatility Metrics

Current IV: 90.5%
7-DTE IV: —
Expected Move: $2.65
7-DTE Move: $2.65
Days to Exp: 25 (2026-11-20)

Options Flow

Call Volume: 408
Put Volume: 846
P/C Volume: 2.074
BEARISH
Call OI: 5,380
Put OI: 1,483
P/C OI: 0.276
Total OI: 6,863

ATM Options Pricing

ATM Call: $1.20
ATM Put: $1.45
Call %: 9.1%
Put %: 11.0%

Chain Summary

Chain Volume: 3,372
Chain OI: 25,090
Last Updated: 10/26/2026
Spread Scanner GPU
Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Dealer Positioning
TYPICAL γ

Estimated net dealer gamma is at the 36th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.

Gamma percentile
36%
vs own history
GEX tilt
-0.06
OI-weighted, today
Vanna tilt
+0.07
δ-sensitivity to IV
Charm tilt
-0.23
δ-decay vs time

Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.

Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.

Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.

This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.

· 12 ATM contracts, 1k total OI
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
as of Oct 26 · No data
30 DTE / 10d —
— pts EXTREME
as of Oct 26 · ATM 96.3% / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)82.9HighOct 26
Straddle Price (30 DTE)$2.65Oct 26
Beta Analysis

Risk Metrics

Beta: 0.7169
Alpha: 1.65%
Correlation: 0.1761
R-Squared: 3.1%
Stock Volatility: 51.9%
Market Volatility: 12.7%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Beta & Alpha Over Time
Notable investors who own SNDX
4 of 37 tracked investors
InvestorValueShare of their portfolioRankQ/Q sharesSource
Millennium Management Hedge fund
Izzy Englander
$44.9M
0.03%
#667 of 3716+929.4%13F
Renaissance Technologies Hedge fund
Jim Simons
$7.0M
0.01%
#1260 of 3138-35.4%13F
Citadel Hedge fund
Ken Griffin
$5.6M
0.00%
#1998 of 6285-59.1%13F
Rockefeller Capital Management Family office
Rockefeller family
$70K
0.00%
#3179 of 47290.0%13F

Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions

SNDX Institutional Ownership (13F)

Latest filings — 2026-09-30
Diluted shares outstanding: 87,623,388 (as of 2026-06-30)

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

249 filers229,074,528 shares$4.99B value261.43% of float
# Filer Shares Value % of Total % of Float Period
1 BlackRock, Inc. Custodian 18,040,012 $394.35M 7.90% 20.59% 2026-06-30
2 Kynam Capital Management, LP 16,101,918 $351.99M 7.05% 18.38% 2026-06-30
3 Vanguard Group Inc Custodian 12,460,668 $261.80M 5.25% 14.22% 2025-12-31
4 Goldman Sachs Group Inc Custodian 11,722,530 $256.25M 5.14% 13.38% 2026-06-30
5 State Street Corp 11,316,848 $247.39M 4.96% 12.92% 2026-06-30
6 Bank of America Corp Custodian 8,090,188 $176.85M 3.54% 9.23% 2026-06-30
7 Vanguard Capital Management LLC 7,855,784 $171.73M 3.44% 8.97% 2026-06-30
8 DEERFIELD MANAGEMENT COMPANY, L.P. 7,559,800 $165.26M 3.31% 8.63% 2026-06-30
9 Eversept Partners, LP 5,596,420 $122.34M 2.45% 6.39% 2026-06-30
10 Geode Capital Management, LLC Custodian 5,168,272 $113.00M 2.26% 5.90% 2026-06-30
11 Hood River Capital Management LLC 5,128,558 $112.11M 2.25% 5.85% 2026-06-30
12 KINGDON CAPITAL MANAGEMENT, L.L.C. 5,000,000 $109.30M 2.19% 5.71% 2026-06-30
13 Franklin Resources, Inc. Custodian 4,572,998 $99.97M 2.00% 5.22% 2026-06-30
14 Millennium Management LLC Custodian 4,107,920 $89.80M 1.80% 4.69% 2026-06-30
15 Vanguard Portfolio Management LLC 3,843,592 $84.02M 1.68% 4.39% 2026-06-30
16 UBS Group AG Custodian 3,787,500 $82.79M 1.66% 4.32% 2026-06-30
17 Elmind Capital, LP 3,710,000 $81.10M 1.63% 4.23% 2026-06-30
18 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 3,580,346 $78.27M 1.57% 4.09% 2026-06-30
19 Candriam S.C.A. 3,392,080 $74.08M 1.48% 3.87% 2026-06-30
20 Soleus Capital Management, L.P. 3,256,078 $71.18M 1.43% 3.72% 2026-06-30
21 Two Sigma Investments, LP Custodian 3,156,250 $69.00M 1.38% 3.60% 2026-06-30
22 ORBIMED ADVISORS LLC 3,084,000 $67.42M 1.35% 3.52% 2026-06-30
23 Nuveen, LLC Custodian 2,729,150 $59.66M 1.20% 3.11% 2026-06-30
24 MPM BioImpact LLC 2,667,046 $58.30M 1.17% 3.04% 2026-06-30
25 Aisling Capital Management LP 2,633,612 $57.57M 1.15% 3.01% 2026-06-30
11 filers$36.94M notional
# Filer Notional Value % of Total Period
1 SILVERARC CAPITAL MANAGEMENT, LLC $15.16M 41.05% 2026-06-30
2 Susquehanna International Group, LLP Custodian $11.34M 30.70% 2026-06-30
3 Citadel Advisors LLC Custodian $3.08M 8.33% 2026-06-30
4 Citigroup Inc. Custodian $2.62M 7.10% 2026-06-30
5 Barclays PLC Custodian $2.17M 5.87% 2026-06-30
6 Jane Street Group, LLC Custodian $861.28K 2.33% 2026-06-30
7 Wolverine Trading, LLC Custodian $616.18K 1.67% 2025-09-30
8 Simplex Trading, LLC Custodian $546.50K 1.48% 2026-06-30
9 Walleye Capital LLC $279.81K 0.76% 2026-06-30
10 IMC-Chicago, LLC Custodian $247.02K 0.67% 2026-06-30
11 GROUP ONE TRADING LLC Custodian $13.12K 0.04% 2026-06-30
7 filers$5.97M notional
# Filer Notional Value % of Total Period
1 Citigroup Inc. Custodian $2.62M 43.92% 2026-06-30
2 Susquehanna International Group, LLP Custodian $2.09M 35.06% 2026-06-30
3 Citadel Advisors LLC Custodian $708.26K 11.86% 2026-06-30
4 Wolverine Trading, LLC Custodian $466.80K 7.81% 2025-09-30
5 Simplex Trading, LLC Custodian $52.46K 0.88% 2026-06-30
6 Walleye Capital LLC $21.86K 0.37% 2026-06-30
7 GROUP ONE TRADING LLC Custodian $6.56K 0.11% 2026-06-30

SNDX Insider Trading (Form 4)

Latest: 2026-07-09
Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
Filed Reporter Role Action Shares Avg Price Net $ Link
2026-07-09 Michael A Metzger Chief Executive Officer Mixed — $15.31 -$578.2K EDGAR
2026-06-12 Nicholas A.J. Botwood Head of R&D, CMO Mixed −11,765 $16.15 -$440.8K EDGAR
2026-06-02 Michael A Metzger Chief Executive Officer Sell (S) −6,847 $18.99 -$130.0K EDGAR
2026-06-02 Keith A. Goldan Chief Financial Officer Sell (S) −1,177 $18.99 -$22.4K EDGAR
2026-02-10 Keith A. Goldan Chief Financial Officer Sell (S) −3,410 $21.03 -$71.7K EDGAR
2026-02-10 Michael A Metzger Chief Executive Officer Sell (S) −17,159 $21.03 -$360.8K EDGAR
2026-02-06 Pierre Legault Director Award (A) +24,000 — EDGAR
2026-02-06 Dennis Podlesak Director Award (A) +48,000 — EDGAR
2026-02-06 Keith Katkin Director Award (A) +24,000 — EDGAR
2026-02-06 Aleksandra Rizo Director Award (A) +24,000 — EDGAR
2026-02-06 Jennifer Jarrett Director Award (A) +24,000 — EDGAR
2026-02-06 Nicholas A.J. Botwood Head of R&D, CMO Award (A) +60,000 — EDGAR
2026-02-06 Martin H. Huber Jr. Director Award (A) +24,000 — EDGAR
2026-02-06 Michael A Metzger Chief Executive Officer Mixed +210,188 $20.62 -$152.8K EDGAR
2026-02-06 Keith A. Goldan Chief Financial Officer Mixed +51,387 $16.14 -$32.6K EDGAR
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.

SNDX Insider Holdings

11 insiders · @ $13.22
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
# Insider Role Shares Disclosed Exposure Lifetime OM Net Filings Last Filed
1 Michael A Metzger Chief Executive Officer 517,218 $6.84M -$15.40M 33 2026-07-09
2 Dennis Podlesak Director 239,763 $3.17M -$2.58M 16 2026-02-06
3 Keith A. Goldan Chief Financial Officer 139,252 $1.84M -$195.4K 14 2026-06-02
4 Keith Katkin Director 124,000 $1.64M -$786.1K 15 2026-02-06
5 Pierre Legault Director 114,000 $1.51M -$2.55M 15 2026-02-06
6 Jennifer Jarrett Director 114,000 $1.51M $0 9 2026-02-06
7 Martin H. Huber Jr. Director 103,000 $1.36M $45.0K 7 2026-02-06
8 Nicholas A.J. Botwood Head of R&D, CMO 95,165 $1.26M -$1.08M 3 2026-06-12
9 William Meury Director 90,000 $1.19M -$1.70M 9 2025-02-07
10 Neil Gallagher President, Head of R&D 85,095 $1.12M -$71.6K 4 2025-02-12
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.

SNDX Board & Officers

As of SEC filings through Jul 9, 2026

Directors 7

Officers 3

Changes in the last 10 years (34)
Jun 24, 2025The company announced the departure of William Meury from the board in an SEC filing
May 12, 2025The company announced the departure of Neil Gallagher as President, Head of R&D in an SEC filing
May 12, 2025Nicholas A.J. Botwood became Head of R&D, CMO
May 15, 2024Aleksandra Rizo became a director
May 14, 2024The company announced the departure of Briggs Morrison from the board in an SEC filing
Mar 15, 2024The company announced the departure of Steve M Sabus as Chief Commercial Officer in an SEC filing
May 5, 2023The company announced the departure of Alexander Nolte as Chief Accounting Officer in an SEC filing
Apr 10, 2023Neil Gallagher became President, Head of R&D
Mar 29, 2023The company announced the departure of Briggs Morrison as President, Head of R&D in an SEC filing
Dec 5, 2022Steve M Sabus became Chief Commercial Officer
Jun 13, 2022Keith A. Goldan became Chief Financial Officer
Mar 1, 2022The company announced the departure of Michael L. Meyers as SVP, Chief Medical Officer in an SEC filing
Mar 1, 2022Catherine Madigan became Chief Medical Officer
Feb 22, 2022The company announced the departure of Fabrice Egros from the board in an SEC filing
Feb 3, 2022Michael A Metzger listed as Chief Executive Officer (previously President and COO) in SEC filings
Feb 3, 2022Briggs Morrison listed as President, Head of R&D (previously Chief Executive Officer) in SEC filings
Oct 22, 2021Alexander Nolte became Chief Accounting Officer
Sep 15, 2021Martin H. Huber Jr. became a director
Jul 13, 2020Daphne Karydas became Chief Financial Officer
Jul 8, 2019Michael A Metzger first listed as a director in an SEC filing
Not reported recently (9)
  • Peter Ordentlich · Last reported as Chief Scientific Officer in an SEC filing dated Feb 17, 2023
  • Catherine Madigan · Last reported as Chief Medical Officer in an SEC filing dated Feb 3, 2023
  • Daphne Karydas · Last reported as Chief Financial Officer in an SEC filing dated Feb 5, 2021
  • Richard P Shea · Last reported as Chief Financial Officer in an SEC filing dated Feb 14, 2020
  • Luke Evnin · Last reported as a director in an SEC filing dated May 25, 2018
  • Henry Chen · Last reported as a director in an SEC filing dated May 25, 2018
  • George W. Sledge Jr. · Last reported as a director in an SEC filing dated May 19, 2017
  • Ivor Royston · Last reported as a director in an SEC filing dated Mar 22, 2017
  • Kim P. Kamdar · Last reported as a director in an SEC filing dated Nov 2, 2016
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.

SNDX Proposed Insider Sales (Form 144)

Latest: 2026-07-08
Last 30d: 0 filings  ·  Last 90d: 0 filings

What is Form 144? A notice of intent to sell restricted or control stock under Rule 144. Affiliates (officers, directors, 10%+ owners) and holders of restricted shares must file Form 144 when planning to sell more than 5,000 shares or $50,000 in any 3-month rolling window.

How it relates to Form 4: Form 144 is filed before the trade (up to 90 days in advance); Form 4 is filed within 2 business days after the trade executes. Not every Form 144 results in a sale — the filer may cancel or delay. Look for the corresponding Form 4 on the Insider Activity card to confirm a sale actually happened.

10b5-1 plans: Trades made under a pre-scheduled Rule 10b5-1 plan are not discretionary — they execute automatically on dates set months earlier, regardless of news. High 10b5-1 percentages mean less per-filing signal value, though cumulative selling volume still matters.

"Notice value": Aggregate market value the filer wrote into the Form 144 — i.e. the size of the planned sale, not necessarily the executed dollars. An amended notice (Form 144/A) replaces the original it amends, and cancelled notices are dropped, so neither is double-counted above. A filed value that is clearly inconsistent with the share count at the stock's price (a filer typo) shows as a dash and is left out of the totals.

Source & freshness: Sourced from public Form 144 filings. Refreshed daily; new filings typically appear here the morning after they are filed.

Filed Filer Role Shares Notice Value Planned Sale Broker Plan Link
2026-07-08 MICHAEL METZGER Director, Officer 32,375 $752.4K 2026-07-08 Morgan Stanley Smith Barney LLC … 10b5-1 EDGAR
2026-06-12 Botwood Nicholas A.J. Officer 31,235 $566.7K 2026-06-12 Fidelity Brokerage Services LLC 10b5-1 EDGAR
2026-06-11 Botwood Nicholas A.J. Officer 34,280 $609.4K 2026-06-11 Fidelity Brokerage Services LLC 10b5-1 EDGAR
2026-06-01 Goldan Keith A. Officer 1,177 $22.4K 2026-06-01 Fidelity Brokerage Services LLC — EDGAR
2026-06-01 Metzger Michael A Officer, Director 6,847 $130.0K 2026-06-01 Fidelity Brokerage Services LLC — EDGAR
2026-02-09 Metzger Michael A Officer, Director 17,159 $360.8K 2026-02-09 Fidelity Brokerage Services LLC — EDGAR
2026-02-09 Goldan Keith A. Officer 3,410 $71.7K 2026-02-09 Fidelity Brokerage Services LLC — EDGAR
2026-02-06 Metzger Michael A Officer, Director 7,412 $152.8K 2026-02-06 Fidelity Brokerage Services LLC — EDGAR
2026-02-06 Goldan Keith A. Officer 2,082 $42.9K 2026-02-06 Fidelity Brokerage Services LLC — EDGAR
2025-09-08 MICHAEL METZGER Director, Officer 157,307 $2.68M 2025-09-08 Morgan Stanley Smith Barney LLC … 10b5-1 EDGAR
Notice value is the aggregate market value the filer states they intend to sell — not a confirmed transaction. Compare to Insider Activity (Form 4) to see which planned sales actually executed. Market-wide feed: Planned sales (Form 144).
ETF Holders
52 ETFs hold SNDX
25 shown · $200.58M total exposure · 0.04% AUM-weighted avg weight
# ETF Provider Weight $ Exposure ETF AUM As Of
1 VTI Vanguard Morningstar Total Stock Market ETF Vanguard 0.00% $53.6M — 2026-09-30
2 XBI State Street® SPDR® S&P® Biotech ETF SPDR (State Street) 0.35% $36.2M $10.4B 2026-10-23
3 IWM iShares Russell 2000 ETF iShares (BlackRock) 0.04% $29.9M $74.6B 2026-10-23
4 VXF Vanguard Extended Market ETF Vanguard 0.02% $19.1M — 2026-09-30
5 IWO iShares Russell 2000 Growth ETF iShares (BlackRock) 0.08% $11.1M $13.7B 2026-10-23
6 VTWO Vanguard Russell 2000 ETF Vanguard 0.06% $9.7M — 2026-09-30
7 IBB iShares Biotechnology ETF iShares (BlackRock) 0.08% $8.3M $10.7B 2026-10-23
8 SCHA Schwab U.S. Small-Cap ETF Nport 0.04% $8.2M — 2026-05-31
9 VHT Vanguard Health Care ETF Vanguard 0.02% $4.3M — 2026-09-30
10 BRES Burney U.S. Equity Select ETF Nport 0.39% $2.6M — 2026-07-31
11 FYC First Trust Small Cap Growth AlphaDEX® Fund First Trust 0.18% $2.4M $1.3B 2026-10-23
12 VTWG Vanguard Russell 2000 Growth ETF Vanguard 0.11% $1.8M — 2026-09-30
13 ITOT iShares Core S&P Total U.S. Stock Market ETF iShares (BlackRock) 0.00% $1.6M $96.5B 2026-10-23
14 PRFZ Invesco RAFI US 1500 Small-Mid ETF Nport 0.06% $1.6M — 2026-07-31
15 BBP Virtus Biotech Etf Nport 1.44% $1.4M — 2026-07-31
16 CANC Tema Oncology ETF Nport 0.80% $1.4M — 2026-05-31
17 LABU Direxion Daily S&P Biotech Bull 3X ETF Direxion 0.25% $1.4M — 2026-10-26
18 DWAS Invesco Dorsey Wright SmallCap Momentum ETF Nport 0.26% $1.1M — 2026-05-31
19 SCHB Schwab U.S. Broad Market ETF Nport 0.00% $1.0M — 2026-05-31
20 SEIS SEI Select Small Cap ETF Nport 0.17% $1.0M — 2026-06-30
21 FYX First Trust Small Cap Core AlphaDEX® Fund First Trust 0.04% $601,526 $1.4B 2026-10-23
22 ONEQ Fidelity Nasdaq Composite Index ETF Fidelity 0.01% $568,334 $10.7B 2026-10-23
23 RSSL Global X Russell 2000 ETF Global X 0.04% $568,024 — 2026-10-26
24 FHLC Fidelity MSCI Health Care Index ETF Fidelity 0.01% $510,996 $3.8B 2026-10-23
25 ISMD Inspire Small/Mid Cap ETF Nport 0.14% $451,216 — 2026-05-31
Fundamentals

Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.

Metrics
  • Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
  • Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
  • Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
  • Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
  • Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
  • YoY growth — compare to the same quarter a year earlier to remove seasonality.
  • Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
  • Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.

TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.

Trailing P/E
—
TTM Diluted EPS
$-2.51
TTM Revenue
$252.25M
TTM Net Income
$-220.76M
TTM Op. Cash Flow
$-150.10M
Quarterly figures (12 quarters)
QuarterPeriod EndRevenueNet IncomeDiluted EPSOp. Cash Flow
Q2 '262026-06-30$72.79M$-49.36M$-0.55$-30.27M
Q1 '262026-03-31$64.86M$-42.67M$-0.48$-50.34M
Q4 '252025-12-31$68.73M$-68.01M$-0.78$-69.49M
Q3 '252025-09-30$45.87M$-60.72M$-0.70—
Q2 '252025-06-30$37.96M$-71.85M$-0.83$-87.80M
Q1 '252025-03-31$20.04M$-84.85M$-0.98$-95.16M
Q4 '242024-12-31$7.68M$-94.17M$-1.09$-57.39M
Q3 '242024-09-30$12.50M$-84.13M$-0.98—
Q2 '242024-06-30$3.50M$-68.06M$-0.80—
Q1 '242024-03-31—$-72.40M$-0.85$-83.55M
Q4 '232023-12-31—$-72.47M$-1.01$-41.35M
Q3 '232023-09-30—$-51.15M$-0.73$-44.65M
Q2 2026 • period ending 2026-06-30 • filed 2026-08-04
Valuation

Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.

Price Multiples
  • P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
  • P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
  • P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
  • EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
  • EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
  • ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
  • ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
  • Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
  • FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
  • Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
  • Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
  • Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
  • Multiples expanding while earnings are flat = sentiment-driven rally.
  • Multiples compressing while earnings grow = value coming from fundamentals.
P/E
—
P/B
76.72
P/S
4.59
EV/EBITDA
—
EV/Sales
5.59
ROE
-1462.1%
ROA
-31.4%
Div Yield
0.00%
FCF Yield
-12.96%
Debt/Equity
39.00
Current Ratio
—
Market Cap
$1.16B
as of 2026-10-26
Short Interest & Float

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions
  • Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
  • SI % of Float — short interest / free float. The key crowding metric.
  • Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
  • Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
  • Free Float — shares available for public trading (total shares minus insider / restricted).
  • Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
  • SI % of Float < 5% — typical, no particular signal.
  • 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
  • 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
  • >30% — extreme; borrow is likely expensive and squeeze risk is material.
  • Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
  • Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
  • A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Short Interest
18.23M
SI % of Float
21.66%
Days to Cover
8.47
Short Vol Ratio
45.6%
Free Float
84.21M
Float %
95.0%
Short interest 2026-09-30 • Short volume 2026-10-26 • Float 2026-08-14