Bristol-Myers Squibb Company (BMY) Gamma Exposure (GEX) & Greeks
Gamma exposure (GEX) analysis shows how options positioning creates dealer hedging pressure across strikes. Includes delta, vanna, charm, vomma, and vega exposure by strike price.
Bristol-Myers Squibb Company (BMY) operates in the Healthcare sector, specifically the Drug Manufacturers - General industry, with a market capitalization near $115.15B, listed on NYSE, employing roughly 34,100 people, carrying a beta of 0.26 to the broader market. Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide. Led by Christopher S. Boerner, public since 1972-06-01.
Snapshot as of May 15, 2026.
- Spot Price
- $56.98
- Net Gamma
- $11.1M
- Net Delta
- -$366.0M
- Net Vega
- -$5.2M
- Gamma Concentration
- 0.12
As of May 15, 2026, Bristol-Myers Squibb Company (BMY) has positive net gamma exposure of $11.1M under the standard dealer-hedging convention. Net delta exposure is -$366.0M. Positive GEX means dealers are net long gamma: they buy into dips and sell into rallies, damping realized volatility and often causing price to pin near heavy open-interest strikes.
BMY Strategy Sizing in the Current GEX Regime
Bristol-Myers Squibb Company is in a positive dealer-gamma regime ($11.1M). Net dealer delta of -$366.0M sets the size of the directional hedging flow that fires as spot moves. In this regime, mean-reverting strategies fit the regime: credit spreads, iron condors, covered calls near established ranges. Realized volatility tends to undershoot implied during positive-gamma stretches, supporting the short-vol structures. The gamma-flip level - the spot price at which net dealer gamma changes sign - is the most actionable anchor for sizing: through-flip moves trigger qualitatively different hedging behavior than within-regime moves, so risk-defined structures sized to the current spot may not stay sized correctly if a flip is near.
Learn how gamma exposure is reported and how to read the data →
Frequently asked BMY gamma exposure (gex) & greeks questions
- What is the current BMY gamma exposure (GEX)?
- As of May 15, 2026, Bristol-Myers Squibb Company (BMY) net gamma exposure is positive at $11.1M under the standard dealer-hedging convention. Net dealer delta exposure is -$366.0M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is BMY in positive or negative dealer gamma right now?
- BMY is currently in positive dealer gamma. Dealers net long gamma buy underlying weakness and sell into rallies to maintain delta-neutrality, which dampens realized volatility and tends to pin price near heavy open-interest strikes.
- What does BMY GEX tell options traders?
- GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the dealer-gamma regime, so reading the sign and magnitude of net GEX before sizing positions is standard practice.