Mar. 25 at 12:44 PM
$AUPH $NBTX $ABVX
Post-TERN capital rotation underway.
Monitoring select SMID-cap biotech for pre-event positioning: AUPH, NBTX, ABVX. Seeing early signs of call-side accumulation, IV bid, and strike concentration in select chains.
Focus remains on offer-lifting flow, vol expansion vs. spot, and repeated size clustering as confirmation of non-passive positioning.
No deal confirmation — tracking for event-driven dislocations, not narratives.
