Agenus Inc. (AGEN) Max Pain Analysis

Max pain is the strike price where aggregate option buyer payout is minimized at expiration. It represents the price at which option writers retain the most premium.

Snapshot as of Apr 21, 2026.

Spot Price

$3.92

Max Pain Strike

$3.00

As of Apr 21, 2026, Agenus Inc. (AGEN) max pain sits at $3.00, which is below the current spot price of $3.92 (23.5% away). Max pain identifies the strike at which the aggregate dollar value of all outstanding options contracts would expire with the least total intrinsic value — a gravitational center, not a price target. The pinning effect typically strengthens into expiration as gamma concentrates at high-open-interest strikes.