ASCENIV Did the Heavy Lifting
ADMA's release reported, for the quarter ended September 30, 2026:
Investing.com had consensus at $0.20 of EPS and about $138.12 million of revenue, so the adjusted basic EPS of $0.23 in the release cleared that estimate by $0.03.
The Earnings Floor Moved Up, Not the Revenue Ceiling
ADMA reiterated full-year 2026 revenue of at least $530 million and raised its adjusted earnings outlook: adjusted net income of at least $180 million and adjusted EBITDA of at least $275 million. Management said ASCENIV demand trends continued into the fourth quarter and that underlying BIVIGAM utilization was showing early signs of stabilization after competitive pressure in standard immune globulin.
The company also said it repurchased 2.7 million shares in the quarter and 16.5 million shares year to date, equal to 6.3% of shares outstanding at the end of 2025, and that it remains on track for a 2026 repurchase target of $200 million or more. Constructive FDA feedback on its SG-001 pre-IND package was another detail in the release, though that program is still preclinical.
Twenty-Eight Percent Past a Seventeen-Percent Straddle
ADMA has no weekly options, so the nearest expiry into the report was November 20. At the close, the November 20 $10 call was quoted $0.85 to $1.45 and the $10 put $0.50 to $0.95. At midpoints that straddle cost about $1.88, roughly 17.9% of the share price, with break-evens near $8.12 and $11.88. Implied volatility on those contracts was about 102% to 112%, and Cboe's 30-day IV index stood near 86%.
An after-hours price of $13.44 is about $1.56 above the $10 straddle's upper break-even. Even the November 20 $11 straddle, which cost about $2.12 at midpoints (roughly 20.3%) with break-evens near $8.88 and $13.12, sat slightly below the after-hours print. The intraday after-hours high of $14.80 cleared both ranges by a wider margin.
Seventeen Thousand Calls Sitting at $11
Wednesday's option volume was modest but skewed to calls, about 284 calls and 51 puts. The busiest lines were the November 20 $11 call and the November 20 $12 call at 79 contracts each. Open interest on the $11 call was about 17,571 contracts, far larger than the day's volume, with another 2,541 contracts open on the $13 call. With the stock near $13.44 after hours, those strikes that had been out of the money at the close are now at or through the money heading into Thursday's open.
When the Gap Outruns the Options Market
A 28% after-hours jump on a stock whose nearest at-the-money straddle priced about an 18% swing is the opposite of a move that dies inside its implied range. If the stock opens near $13.44, the $10 and $11 calls hold substantial intrinsic value while the matching puts lose most of theirs, and event premium in both legs usually shrinks once the numbers are public. Short-premium positions that sold calls under $13 face the most immediate mark-to-market pressure; long straddles that paid the November 20 $10 or $11 midpoints would be ahead on the gap alone, before costs and before any IV crush. Our implied volatility guide covers that post-event pattern, and the OCC options disclosure document covers the risks of standardized options.
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*By the OptionsPilot Editorial Team. Published November 5, 2026, 12:21 AM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
