ACRS Collar Strategy
ACRS (Aclaris Therapeutics, Inc.), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.
Aclaris Therapeutics, Inc. operates a clinical-stage biopharmaceutical company, develops novel drug candidates for immune-inflammatory diseases in the United States. It operates through two segments: Therapeutics and Contract Research. The Therapeutics segment is involved in identifying and developing innovative therapies to address significant unmet needs for immuno-inflammatory diseases. The Contract Research segment engages in the provision of laboratory services. The company also develops Zunsemetinib, an MK2 inhibitor for the treatment of moderate to severe rheumatoid and Psoriatic arthritis, and Hidradenitis suppurativa; and ATI-1777, a soft JAK 1/3 inhibitor for the treatment of moderate to severe atopic dermatitis. In addition, it develops ATI-2138, an ITK/TXK/JAK3 inhibitor as a potential treatment for T cell-mediated autoimmune diseases; Gut-Biased Program for inflammatory bowel disease; and ATI-2231, an MK2 inhibitor treatment for pancreatic and metastatic breast cancer.
ACRS (Aclaris Therapeutics, Inc.) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $613.8M, a beta of 0.78 versus the broader market, a 52-week range of 1.16-5.12, average daily share volume of 1.9M, a public-listing history dating back to 2015, approximately 61 full-time employees. These structural characteristics shape how ACRS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.78 places ACRS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on ACRS?
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 ACRS snapshot
As of May 15, 2026, spot at $4.56, ATM IV 115.90%, IV rank 28.61%, expected move 33.23%. The collar on ACRS 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 ACRS specifically: IV regime affects collar pricing on both sides; compressed ACRS IV at 115.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 33.23% (roughly $1.52 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 ACRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACRS should anchor to the underlying notional of $4.56 per share and to the trader's directional view on ACRS stock.
ACRS collar setup
The ACRS 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 ACRS near $4.56, the first option leg uses a $4.79 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACRS 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 ACRS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $4.56 | long |
| Sell 1 | Call | $4.79 | N/A |
| Buy 1 | Put | $4.33 | N/A |
ACRS 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.
ACRS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ACRS. 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 ACRS
Collars on ACRS hedge an existing long ACRS 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.
ACRS thesis for this collar
The market-implied 1-standard-deviation range for ACRS extends from approximately $3.04 on the downside to $6.08 on the upside. A ACRS collar hedges an existing long ACRS 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 ACRS IV rank near 28.61% 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 ACRS at 115.90%. As a Healthcare name, ACRS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACRS-specific events.
ACRS 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. ACRS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ACRS alongside the broader basket even when ACRS-specific fundamentals are unchanged. Always rebuild the position from current ACRS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ACRS?
- A collar on ACRS is the collar strategy applied to ACRS (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 ACRS stock trading near $4.56, the strikes shown on this page are snapped to the nearest listed ACRS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ACRS 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 ACRS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 115.90%), 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 ACRS collar?
- The breakeven for the ACRS 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 ACRS market-implied 1-standard-deviation expected move is approximately 33.23%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ACRS?
- Collars on ACRS hedge an existing long ACRS 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 ACRS implied volatility affect this collar?
- ACRS ATM IV is at 115.90% with IV rank near 28.61%, 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.