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REGN

Regeneron Pharmaceuticals, Inc.Close $649.76EOD only

Max Pain

$710.00

Next expiry May 22, 2026

Expected Move

±$7.45

1.1% from close

Price Gap

+60.24

Distance to max pain

IV Rank

Low premium

P/C OI

1.15

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects REGN options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

REGN Directional Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Outlook

Neutral-to-bullish with a multi-week pinning bias toward the $745-$760 max pain cluster. Confidence: 7.5/10. Spot is 3.7% above nearest max pain, but positive GEX and DEX create a strong magnet lower, while structural call buying in the $600s provides a bullish tailwind.

Confidence:

6 / 10

Base 7.5; OVERRIDE to 6.0 due to moderate liquidity (31k OI) reducing precision of GEX/DEX and max pain pull. Bullish signals (GEX +$465K, DEX +999K shares, net premium +$4.9M) remain valid but with lower conviction.

Supports: Positive GEX (+$465K) and DEX (+999K shares) indicate strong dealer pinning support. Net premium +$4.9M and P/C vol 0.84 show call dominance.
Conflicts: Spot ($772.64) is above all near-term max pain levels ($745-$760), creating a gravitational pull lower that conflicts with bullish flow.

📌Strong GEX/DEX pinning creates a floor near $730-$750.

📈Significant premium paid for deep OTM calls ($550-$680) suggests institutional bullish positioning.

Regime Classification

Vol Regime

Normal

IV 44.2% is elevated (Normal regime per classification), offering attractive premium for sellers, especially with pinning dynamics.

Gamma Regime

Pinning

GEX +$465K (Pinning) — dealers are net long gamma, suppressing volatility and anchoring spot near high-OI strikes.

Flow Regime

Mixed

Flow: Mixed — net premium is bullish (+$4.9M), but P/C ratios near 1.0 show balanced activity with a slight call edge.

Spot vs Max Pain

Above

Spot vs MP: Above — price is above all near-term max pain pins, suggesting a gravitational pull lower toward the $745-$760 cluster.

Thesis duration: Multi-week — Max pain pins ($745, $760, $740) and positive GEX persist across April expirations. The bullish structural call flow in the $600s is a multi-month positioning signal, not an event trade.

Price Range Forecast

Next 2 days

$762.44$782.84

Driven by max pain gravity and positive GEX pinning. A break above $782.84 requires overcoming dealer hedging.

Next 1 week

$751.39$793.89

Pinning to the max pain cluster dominates; a move toward $740 (4/10 MP) is likely.

Next 2 weeks

$723.89$821.39

The $723.89 lower bound is near the strong $730 gamma flip/OI support. Upside capped by $793.89 EM.

Key Levels

Max pain pins: $745 (2026-03-27); $760 (2026-04-02); $740 (2026-04-10)

EM guardrails: 2d $762.44/$782.84; 1w $751.39/$793.89

Support: $730.00 · $750.00 · $280.00

Resistance: $1100.00 · $1000.00 · $1140.00

Gamma flip: ~$730.00 — Approx — based on put OI concentration of 1,193

Structural: Distant call OI walls at $1000-$1140 are irrelevant for near-term trading. The significant put floor is at $280-$730, with the $730 strike (OI=1,193) as the critical near-term support and gamma flip level.

Dealer Positioning (GEX/DEX)

GEX: $+465K

DEX: +999K shares

Gamma flip: ~$730 (Approx — based on put OI concentration of 1,193)

NTM gamma: Positive GEX implies dealers will sell into rallies and buy into dips to hedge, reinforcing the range. A move below the ~$730 gamma flip would see hedging flip to accelerate selling.

IV Analysis

IV vs VIX: IV 44.2% is high in absolute terms, favoring premium sellers, especially in a pinning regime.

Term structure: Humped with a kink: 2-day IV 46.1% > 10-day 36.9% < 31-day 49.3%. The elevated IV for the 4/29 earnings expiry (5/01, 49.3%) creates a calendar spread opportunity.

Skew: The ~12.4 vol-point differential between 5/01 (49.3%) and 4/17 (39.4%) expirations supports a reverse calendar (sell high IV far, buy lower IV near).

Flow Analysis

Net premium: +$4.9M bullish; P/C vol 0.84, P/C OI 0.97 indicate balanced but slightly call-leaning activity.

Directional prints: 1) $1000/$1020 Puts saw ~$3.2M net premium — likely sold puts (bullish) or bought for protection. 2) $550-$680 Calls saw ~$3M net premium — likely bought calls (bullish positioning). Given net premium positive, bought calls is the more consistent interpretation.

Unusual: Massive OTM put sales at $1000/$1020 and call buys at $550-$680 represent structural, longer-dated positioning, not near-term speculation.

Risks & Catalysts

!Break below $730 gamma flip/OI wall could trigger accelerated dealer selling.

!Elevated IV (44.2%) implies potential for sharp vol crush if pinning holds, hurting long premium positions.

!Earnings on 4/29 priced into 5/01 IV (49.3%); any pre-earnings volatility shift impacts longer-dated plays.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate	Buy shares at ~$772.5. Use a stop below $730.	Immediate max pain gravity pull to $745-$760.
Short stock	Weak	N/A — avoid against positive GEX and bullish flow.	Dealer pinning support and structural call buying provide strong bids.
Covered call	Moderate-Strong	Own stock, sell $780C or $790C for 4/10 or 4/17 expiry.	Stock drifts to max pain below strike, capping upside.
Cash-secured put / put spread	Moderate-Strong	Sell $730/$725 put spread 4/17 (below key support).	Break below $730 invalidates thesis.
Long calls	Moderate-Weak	Buy $760C or $770C 4/17, but high IV and pinning are headwinds.	Vol crush and max pain gravity.
Long puts / bear put spread	Moderate	Buy $760/$750 put spread 4/10, betting on drift to max pain.	Positive GEX dampens downward momentum.
Iron condor	Moderate-Strong	$750P/$740P x $790C/$800C 4/17. GEX positive and VIX context unknown, but pinning supports.	Break outside $740-$790 range.
Calendar/diagonal	Moderate	Reverse Calendar: Sell $760C 5/01 (IV 49.3%), Buy $760C 4/17 (IV 39.4%).	Earnings volatility shift.
PMCC / LEAPS diagonal	Moderate-Strong	Buy $600C Jan 2027 (~$180), sell $780C against it monthly.	Capital intensive; stock stagnation.

Top Plays

Defined-Risk Put Spread

Sell $730/$725 Put Spread, Exp 4/17

Collects premium below the critical $730 gamma flip and max pain support zone. Benefits from positive GEX pinning and time decay in a high IV environment.

Credit: $1.10-$1.30

Max loss: $3.90

BE: $728.90

Mgmt: Take profit at 70% of max credit. Exit if spot closes below $730.

Traders seeking defined-risk income, bullish on the pin holding.

Covered Call Overlay

Sell $780 Call, Exp 4/10

Generates income against existing stock while setting a sell target just above spot, aligned with the upper expected move bound ($782.84). The elevated IV provides attractive premium.

Credit: $8.00-$10.00

Max loss: N/A

BE: N/A

Mgmt: Roll up/out if spot approaches $780. Close if premium decays 50%.

Stock owners looking to enhance yield in a range-bound, high-vol environment.

LEAPS Diagonal (PMCC)

Buy $600 Call, Exp 1/15/2027; Sell $780 Call, Exp 4/17

The 30+ DTE long leg captures the structural bullish call flow at $600 and provides long-delta with reduced theta decay. The short call monetizes high near-term IV and pins the trade to the current range. The extra time improves risk/reward by securing a low-cost, long-dated bullish position while funding it with premium.

Debit: $175.00-$180.00

Max loss: Debit paid

BE: $775.00

Mgmt: Manage short leg monthly. Close entire position if long delta thesis breaks (spot < $730).

Capitalized traders with a multi-month bullish view, wanting to leverage high short-term IV.

Watchlist Triggers

Entry Triggers

IFSpot rallies to tag $782.84 (2d upper EM bound) and rejects → Sell $790/$800 call credit spread 4/10.

IFSpot declines to $750 (key max pain level) with IV > 45% → Sell $745/$740 put spread 4/17.

Exit Triggers

EXITSpot closes below $730 (gamma flip) → Exit all short premium positions (put spreads, iron condors).

EXITIV on 4/17 expiry drops below 35% (vol crush) → Take profit on all short premium trades.

Tactical Summary

Primary thesis is a multi-week pin toward the $745-$760 max pain cluster, supported by positive GEX/DEX. Invalidation is a close below $730. The regime favors selling premium (puts/put spreads) below spot and covered calls above. Top plays: 1) Put spread for defined-risk income, 2) Covered call for stock owners, 3) LEAPS diagonal for a longer-term bullish carry trade.

How to Use These Reports

This directional reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.