Health Care

Ionis Pharmaceuticals, Inc. (IONS) options and signal

Figures as of 28 Sep 2026

IONS is Ionis Pharmaceuticals, Inc., a Health Care name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	63 of 100	28 Sep
At the money IV	54.2%	28 Sep
Priced move to 16 Oct	12.6% down, 11.7% up	28 Sep
Call wall and put wall	50 and 52.5	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	45.57	28 Sep
Next report	4 Nov 2026	28 Sep

Options Snapshot

IONS's IV rank is 63 of 100 on 28 Sep 2026.

Figure	Value
IV rank	63 of 100
At the money IV	54.2%, near month, 18 days
Put/call ratio, open interest	0.75
Call open interest, strikes captured near the price	25,400 contracts
Put open interest, strikes captured near the price	19,100 contracts
Cost to trade at the money	Wide, 79.6% of the option's mid price

IV rank is where the at the money IV sits among IONS's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, IONS options priced a move of 12.6 percent down and 11.7 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	12.6%	11.7%	39.85 to 50.91
20 Nov 2026	53	19.3%	21.6%	36.77 to 55.42
18 Dec 2026	81	26.1%	25.9%	33.67 to 57.37
15 Jan 2027	109	32.5%	32.7%	30.77 to 60.47
16 Apr 2027	200	45.4%	40.2%	24.87 to 63.87

The range is one standard deviation either side of the close of 45.57, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, IONS's call wall is the 50 strike and its put wall is the 52.5 strike.

Figure	Value
Call wall, most open call gamma	50
Put wall, most open put gamma	52.5
Net dollar gamma, calls minus puts	minus $88,201
Total dollar gamma, both sides	$2.48 million
Close	45.57

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 4 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, IONS's at the money IV is 54.2 percent against 20 day realized volatility of 52.5 percent.

Figure	Value
At the money IV	54.2%
Realized volatility, 20 trading days	52.5%
Realized volatility, 60 trading days	72.6%
IV against its own weekly record	In the middle
Weekly readings on record	538, from 25 Dec 2015
Weeks the price moved more than the one week priced move	16.5% of 236 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Weather

On 28 Sep 2026, IONS's at the money IV runs from 54.2 percent at 18 days to 59.9 percent at 200 days.

Days to expiry	At the money IV
18	54.2%
53	57.7%
81	58.5%
109	55.2%
200	59.9%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 53 day expiry, IONS's IV ten percent below the price sits 1.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	58.8%	+1.2 points
At the money	57.7%	0.0 points
10% above the price	62.3%	+4.7 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, IONS's surface spans 5 expiries out to 200 days, with IV from 50.7 to 72.9 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	20
Lowest IV among them	50.7%
Highest IV among them	72.9%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, IONS has 5 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	54.2%	8,838	10,545
20 Nov 2026	53	57.7%	1,633	1,541
18 Dec 2026	81	58.5%	665	697
15 Jan 2027	109	55.2%	14,069	6,282
16 Apr 2027	200	59.9%	183	80

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, IONS's largest open interest sits at the 52.5 strike, with 6,022 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
52.5	1,008	5,014	6,022
50	3,558	1,529	5,087
40	818	4,007	4,825
60	3,436	964	4,400
55	3,160	779	3,939
65	2,848	40	2,888

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, IONS's at the money IV moved from 54.8 percent to 54.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	54.8%	54.2%	-0.6 points
Open interest, strikes captured near the price	43,099	44,533	+1,434
Put/call ratio, open interest	0.80	0.75	-0.05

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 7,562 IONS option contracts traded, 1.6 times its own recent average.

Figure	Value
Calls traded	2,043
Puts traded	5,519
Against its recent average	1.6 times
Busier than	13 of its last 20 trading days
Open interest, whole chain	52,999 contracts
Volume to open interest	0.14
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of IONS's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	55.42	$1.16 million	60	52.5
21 Sep 2026	44.90	minus $654,206	50	40
28 Sep 2026	45.57	minus $88,201	50	52.5

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of IONS was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	46.41, the swing high of 23 Sep 2026
Level below the close	43.01, the swing low of 23 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Cash-secured put (sell a put below the price)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 IONS sat at the 71st percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	80 of 100	Neutral
20 trading days	45 of 100	Neutral
45 trading days	71 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026 IONS's near timeframes were neutral and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Signal History

On 25 Sep 2026 IONS had carried no signal for 2 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	71 of 100
24 Sep 2026	None	94 of 100
23 Sep 2026	Bullish	96 of 100
22 Sep 2026	None	93 of 100
21 Sep 2026	None	91 of 100
18 Sep 2026	None	92 of 100
17 Sep 2026	None	79 of 100
16 Sep 2026	None	93 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 32 of 120 Health Care names were bullish and 52 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Health Care	120	32	52	36

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

IONS closed at 45.57 on 28 Sep 2026.

Figure	Value
Last close	45.57
Change over 5 trading days	+1.5%
Change over 21 trading days	-27.0%
Change over 63 trading days	-43.5%
Change over 252 trading days	-27.6%
52 week high	86.74
52 week low	43.01
20 day moving average	51.18
50 day moving average	54.67
200 day moving average	71.09
RSI, 14 days	34

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

IONS reports next on 4 Nov 2026, a date confirmed by the company.

Figure	Value
Next report	4 Nov 2026, before the open
Date	Confirmed by the company
Move after the report of 29 Jul 2026	-2.3%
Move after the report of 30 Apr 2026	+0.7%
Move after the report of 28 Jan 2026	+2.4%
Move after the report of 30 Apr 2025	+3.0%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Company Events

IONS filed 1 current report in the 14 days to 28 Sep 2026, the latest on 23 Sep 2026.

Filed	Report	What it covers
23 Sep 2026	Current report	Regulation FD Disclosure; Other Events

Filings as of 28 Sep 2026. Current on every plan.

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Seasonality

In the 23 Septembers on record, IONS's average change was plus 2.4 percent, and it rose in 39.1 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+2.4%	-4.5%	39.1%	23
October	-0.8%	-2.4%	39.1%	23
November	+6.3%	+6.5%	65.2%	23

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 2 headlines naming IONS in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	2
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is IONS's IV rank?: IONS's IV rank is 63 of 100 on 28 Sep 2026.
What move are IONS options pricing?: On 28 Sep 2026, IONS options priced a move of 12.6 percent down and 11.7 percent up by 16 Oct 2026.
Where are IONS's call wall and put wall?: On 28 Sep 2026, IONS's call wall is the 50 strike and its put wall is the 52.5 strike.
What was the desk's latest view of IONS on the Free plan?: On 25 Sep 2026 the desk's view of IONS was bullish, paper trading.
When does IONS report earnings next?: IONS reports next on 4 Nov 2026, a date confirmed by the company.

More Health Care names

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