ACIU Bear Put Spread Strategy
ACIU (AC Immune S.A.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
AC Immune SA, a clinical stage biopharmaceutical company, discovers, designs, and develops medicines and diagnostic products for the prevention and treatment of neurodegenerative diseases associated with protein misfolding. Its SupraAntigen and Morphomer platforms are designed to generate vaccines, antibodies, and small molecules, which selectively interact with misfolded proteins that are common in a range of neurodegenerative diseases. The company is developing Crenezumab, a humanized, conformation-specific monoclonal antibody, which is in Phase II clinical prevention trial for the treatment of Alzheimer's disease (AD). It is also developing ACI-24, an anti-Abeta vaccine candidate that is in Phase II clinical study for AD, as well as completed Phase Ib clinical study for Down syndrome; ACI-35, an anti-Tau vaccine candidate that has completed Phase Ib clinical study; and Tau- positron emission tomography (PET) imaging tracer, which is in Phase II clinical study. In addition, the company is researching and developing small molecule Tau aggregation inhibitors for AD and NeuroOrphan indications. Further, it has discovery and preclinical stage molecules targeting range of neurodegenerative diseases, which include diagnostics targeting TDP-43, alpha-synuclein, and NLRP3.
ACIU (AC Immune S.A.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $289.0M, a beta of 1.63 versus the broader market, a 52-week range of 1.52-4, average daily share volume of 289K, a public-listing history dating back to 2016, approximately 133 full-time employees. These structural characteristics shape how ACIU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.63 indicates ACIU has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bear put spread on ACIU?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current ACIU snapshot
As of May 15, 2026, spot at $2.81, ATM IV 23.50%, IV rank 1.16%, expected move 6.74%. The bear put spread on ACIU below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this bear put spread structure on ACIU specifically: ACIU IV at 23.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a ACIU bear put spread, with a market-implied 1-standard-deviation move of approximately 6.74% (roughly $0.19 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ACIU expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACIU should anchor to the underlying notional of $2.81 per share and to the trader's directional view on ACIU stock.
ACIU bear put spread setup
The ACIU bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ACIU near $2.81, the first option leg uses a $2.81 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACIU chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 ACIU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $2.81 | N/A |
| Sell 1 | Put | $2.67 | N/A |
ACIU bear put spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
ACIU bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on ACIU. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use bear put spread on ACIU
Bear put spreads on ACIU reduce the cost of a bearish ACIU stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
ACIU thesis for this bear put spread
The market-implied 1-standard-deviation range for ACIU extends from approximately $2.62 on the downside to $3.00 on the upside. A ACIU bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on ACIU, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ACIU IV rank near 1.16% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ACIU at 23.50%. As a Healthcare name, ACIU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACIU-specific events.
ACIU bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. ACIU positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ACIU alongside the broader basket even when ACIU-specific fundamentals are unchanged. Long-premium structures like a bear put spread on ACIU are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current ACIU chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on ACIU?
- A bear put spread on ACIU is the bear put spread strategy applied to ACIU (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With ACIU stock trading near $2.81, the strikes shown on this page are snapped to the nearest listed ACIU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ACIU bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the ACIU bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 23.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ACIU bear put spread?
- The breakeven for the ACIU bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ACIU market-implied 1-standard-deviation expected move is approximately 6.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on ACIU?
- Bear put spreads on ACIU reduce the cost of a bearish ACIU stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current ACIU implied volatility affect this bear put spread?
- ACIU ATM IV is at 23.50% with IV rank near 1.16%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.