BBIO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $80.

Put/Call (OI)

1.10

22k P / 20k C

Put/Call (Volume)

0.28

49 P / 176 C today

30d ATM IV

42%

annualized implied move

Call wall

$90

2k contracts

Put wall

$45

8k contracts

Tail hedging

2.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.10 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $90 (2k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (8k contracts), 44% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.6× deep-OTM call OI — an institutional hedging ladder sits under this stock.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	7k	5k	0.68	130
2026-09-18	729	444	0.61	41
2026-11-20	3k	1k	0.45	7
2027-01-15	7k	15k	2.19	0
2027-02-19	392	20	0.05	14
2027-03-19	13	3	0.23	23
2027-05-21	30	0	0.00	0
2027-08-20	11	0	0.00	0
2027-11-19	7	0	0.00	0
2028-01-21	2k	707	0.37	3
2028-12-15	135	4	0.03	7

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.