Options/IONS

IONSIonis Pharmaceuticals, Inc. Common Stock

Options Analysis Report•PHARMACEUTICAL PREPARATIONS

Market Cap $10.1B|NASDAQ

● 2026-08-31$61.05

BULLISH

Analysis: 2026-08-28 EOD data

1Y +6.2%YTD -23.4%7D -1.6%

Options Vol

1,306

30D

Implied Move

±15.9%

IV Rank

IONS Options Overview

IV is elevated with bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

Loading score history...

IONS Gamma Walls

Loading gamma walls...

Value

Is IV priced right?

5.5

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 75.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.32x — IV premium over HV

Sector Relative≤50%

Sector percentile 48% — below sector median

Term Structure

<1.1x

Front/Back 1.14x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 49.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 87.6% (ATM 49.1% + spread 19.2% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 26.12% (spread 19.25% + slippage 6.87%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 7.59 (vega 14.610 / spread 19.25%) — efficient

Sentiment

Bullish or bearish?

6.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: +10%, Raw: +8%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +10% (neutral) — Raw: +8%

OI Skew Magnitude

≥15%

|OI skew| 15.1% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +71.4%, OI skew +15.1% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +37%, ATM: -0%, OTM: +9% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 23% — very bullish vs sector

Activity

Unusual activity?

3.2

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.5x avg — normal

Turnover Rate

≥15%

Vol/OI 1.8% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +13.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 52% — neutral vs sector

Trade Quality

≥30%

Large trade volume 11% — mostly retail

Execution Urgency

≥60%

Aggressive execution 47% — patient

Flow Conviction

≥30

Conviction +10 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.0

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 19.2% — wide

Adequate OI

≥10,000

OI 73,990 — deep

Active Volume

≥500

Volume 1,306/day — adequate

Reasonable Cost

≤$0.50

$0.96 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 78% — wider than sector

Order Book Depth

≥100 contracts

Depth 88.9 contracts (bid:46.9 ask:42.0) — thin

Execution Quality

<1.0%

Avg slippage 6.87% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +14.2% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 75% — seller opportunity

Event Detection

≥10pts kink

IV kink 4.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 503.78 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +10% @ 55% consistency — unclear

Smart Money Timing

≥40 composite score

Score 41 (ITM 20% + inst 11%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls6.7

bullishIV fair, bullish flow

Long Puts4.5

bearishIV fair, bullish flow

Premium Sellers

Cash-Secured Put5.4

bullishIV fair, bullish flow

Covered Call4.1

bearishIV fair, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on IONS

IONS gamma walls IONS max pain IONS IV rank IONS options flow