ACIU Collar 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 collar on ACIU?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
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 collar 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 collar structure on ACIU specifically: IV regime affects collar pricing on both sides; compressed ACIU IV at 23.50% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The ACIU collar 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 $2.95 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 100 shares | Stock | $2.81 | long |
| Sell 1 | Call | $2.95 | N/A |
| Buy 1 | Put | $2.67 | N/A |
ACIU collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
ACIU collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on ACIU
Collars on ACIU hedge an existing long ACIU stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
ACIU thesis for this collar
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 collar hedges an existing long ACIU position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current ACIU chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ACIU?
- A collar on ACIU is the collar strategy applied to ACIU (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the ACIU collar 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 collar?
- The breakeven for the ACIU collar 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 collar on ACIU?
- Collars on ACIU hedge an existing long ACIU stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current ACIU implied volatility affect this collar?
- 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.