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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 Flow 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.

Flow Verdict

Confidence:

2.5 / 10

base 3; -0.5 for low volume/noise; +0 for GEX/flow alignment

Watch next session: Flow around $750-$780 put strikes; Any follow-through on deep OTM call prints

Flow Summary

Net premium: +$4.9M bullish

P/C volume ratio: 0.84 — slight call lean

P/C OI ratio: 0.97 — nearly balanced

Mixed, low-volume flow with a slight bullish premium bias. Dominant narrative is a quiet, range-bound market near $772, with positioning suggesting a slight bullish tilt but no strong conviction.

Notable Prints

REGN 4/17 $1020 Put

Vol: 39

OI: 0

Vol/OI: 39.0x

IV: 39.4%

Notional: ~$1.95M

Intent: Fresh OTM put sale (likely short put for premium)

Dual read: Sold to open (neutral/bullish) or part of a complex spread

Read-through: Large premium collected suggests a seller is confident the stock stays above $1020 through April. This is a bullish income play, not a directional hedge.

REGN 4/17 $1000 Put

Vol: 33

OI: 0

Vol/OI: 33.0x

IV: 39.4%

Notional: ~$1.65M

Intent: Fresh OTM put sale (likely short put for premium)

Dual read: Sold to open (neutral/bullish)

Read-through: Another large premium sale, reinforcing the thesis of institutional sellers writing puts well above spot for income, expressing a neutral-to-bullish view.

REGN 4/2 $610 Call

Vol: 131

OI: 0

Vol/OI: 131.0x

IV: 46.1%

Notional: ~$798k

Intent: Fresh deep ITM call purchase

Dual read: Bought to open (synthetic long/leverage) or part of a collar/roll

Read-through: Deep ITM call with high delta acts like a stock substitute. This is a leveraged bullish bet or a synthetic long position, indicating directional bullish intent for the very near term.

Institutional Positioning

Call additions: Deep ITM calls ($550-$680) in April, suggesting leveraged long positioning.

Put additions: Minimal near spot. Large OTM put sales ($1000, $1020) indicate premium collection, not hedging.

GEX/DEX consistency: Partially — Positive GEX (+$0.5M) suggests pinning, but flow is mixed with bullish premium.

OI clusters: Major put OI at $730 (1,193), call OI far OTM at $1100 (1,094). Creates a wide potential range with a nearer-term put magnet at $730.

Hedging evidence: No evidence of protective put buying near spot. The large OTM put sales are the opposite of hedging.

Max pain context: Spot ($772.64) is above nearest max pain ($745). Flow and OI suggest resistance to a sharp drop, with pinning forces potentially keeping price elevated.

Signal vs Noise

~Low overall volume (3,902 contracts) means most prints are noise, not institutional signaling.

~The $280 Put and $500 Put OI are likely legacy positions, not active flow.

~Many small prints in the premium flow list are likely part of multi-leg spreads or retail-sized trades, not standalone directional bets.

Key Conclusions

⚠️Extremely low volume environment limits signal clarity. Confidence is low.

📈Net premium bullish and dominant flow is OTM put selling (bullish income).

🎯Spot above max pain with positive GEX suggests pinning forces support current levels.

🛡️No near-term hedging detected. Large OI put wall at $730 is a key downside magnet.

How to Use These Reports

This flow 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.