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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 Theta Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Theta Verdict

Confidence:

3.5 / 10

base 4; +1 high IV; +0.5 pinning regime; -1 low liquidity; -1 wide spreads

IV Environment

IV Regime

High

IV vs VIX

IV 44.2% — elevated for a large-cap biotech.

Favorable?

Yes

Term structure: Humped at May 1st (49.3%), elevated through May, then declining.

💰High IV (44%) provides attractive premium for sellers.

⚠️Low liquidity means wide bid-ask spreads; credit estimates are theoretical.

Pin Risk Assessment

Spot vs MP: Above max pain by 3.7% (spot $772.64 vs MP $745)

GEX regime: Pinning (GEX +$0.5M — mean-reverting)

Gamma flip: ~$730.00 — Below $730, dealers amplify moves downward.

OI concentrations: Major put wall at $730 (OI 1,193), call wall at $1100 (OI 1,094).

Verdict: Favorable — positive GEX and spot above max pain support a pinning environment for credit positions.

Premium Opportunities

put spread

Sell $730/$700 Put Spread for 2026-05-15 (45 DTE)

Targets major OI support at $730. High IV (48.3% ATM) provides premium. Position is well below spot and above gamma flip. 45 DTE is optimal theta decay zone.

Credit: $4.50-$6.50

Max loss: $23.50

BE: $723.50

Mgmt: Close at 65% profit. Exit if REGN closes below $730 (gamma flip). Roll only if credit >50% of original. Assume wide spreads; use limit orders.

cash-secured put

Sell $730 Put for 2026-05-15 (45 DTE)

Simpler, single-leg strategy better suited for low liquidity. Collects high premium at the key OI support level. Willingness to own at $730, a 5.5% drop from current price.

Credit: $18.00-$22.00

Max loss: $708.00

BE: $712.00

Mgmt: Close at 70% profit. Roll down and out if tested, only for a credit. Be prepared for assignment if below $730 at expiration.

call credit spread

Sell $840/$845 Call Spread for 2026-05-15 (45 DTE)

Defined-risk bearish hedge. Sells into elevated IV with strikes above the expected move ($823.44). Provides a credit if REGN stays range-bound or pulls back.

Credit: $1.00-$1.50

Max loss: $4.00

BE: $841.00

Mgmt: Close at 50% profit. Exit if REGN closes above $825. Do not roll; take the loss.

iron condor (illustrative)

Sell $730/$700P x $840/$845C for 2026-05-15 (45 DTE)

Illustrative only due to low liquidity. Combines top put and call spread ideas for a non-directional, high-IV play. Wide $140 range between short strikes.

Credit: $5.50-$8.00

Max loss: $21.50

BE: 724.50 / 840.50

Mgmt: Close at 50% profit. Exit if either short strike is breached. Execution risk is high; leg in separately if attempted.

Risk Alerts

!Earnings on 2026-04-29 (~4 weeks). Close or roll all short premium positions before this date.

!Low liquidity (Total OI 31,712). Bid-ask spreads will be wide, making precise entry/exit difficult.

!Gamma flip at ~$730. A close below this level risks accelerated selling pressure; exit credit positions.

!Major put OI at $730 creates a magnet but also a potential breakpoint if support fails.

!IV is elevated but may compress, especially after earnings. Favor defined-risk spreads over naked options.

!Unusual premium flow: Large net put buying at $1000 and $1020 suggests institutional downside hedging far OTM.

How to Use These Reports

This theta 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.