Terns Pharmaceuticals Inc. (NASDAQ: TERN) 30-day option implied volatility is at 32; compared to its 52-week range of 17 to 48. Call put ratio 10 call to 1.2 puts with a focus on 30K contracts of May 55 calls after Merck (MRK) acquired for $53 per share in cash, or $6.7B.