ACRS Long Put Strategy
ACRS (Aclaris Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Aclaris Therapeutics, Inc., a biopharmaceutical firm operating in the United States, is currently in the clinical development phase, focused on creating novel therapeutic agents for various immune-inflammatory conditions. The company's operations are divided into two primary divisions: the Therapeutics segment, dedicated to discovering and progressing innovative treatments to address crucial unmet needs in immuno-inflammatory disorders; and the Contract Research segment, which delivers specialized laboratory services. The company's pipeline features several investigational compounds. Among these is Zunsemetinib, an MK2 inhibitor, being developed to treat moderate to severe cases of rheumatoid arthritis, psoriatic arthritis, and hidradenitis suppurativa. Another significant candidate is ATI-1777, a soft JAK 1/3 inhibitor, intended for the management of moderate to severe atopic dermatitis. Additionally, Aclaris is advancing ATI-2138, an ITK/TXK/JAK3 inhibitor, as a potential intervention for T cell-mediated autoimmune diseases; a Gut-Biased Program targeting inflammatory bowel disease; and ATI-2231, an MK2 inhibitor, for the treatment of pancreatic and metastatic breast cancer.
ACRS (Aclaris Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $815.6M, a beta of 0.78 versus the broader market, a 52-week range of 1.67-6.515, average daily share volume of 1.7M, a public-listing history dating back to 2015, approximately 71 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 long put on ACRS?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
ACRS snapshot
As of August 14, 2026, spot at $5.77, ATM IV 79.20%, IV rank 27.62%, expected move 22.71%. The long put on ACRS below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this long put structure on ACRS specifically: ACRS IV at 79.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a ACRS long put, with a market-implied 1-standard-deviation move of approximately 22.71% (roughly $1.31 on the underlying). The 35-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 $5.77 per share and to the trader's directional view on ACRS stock.
ACRS long put setup
The ACRS long put 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 at $5.77 on that close, the first option leg uses a $5.77 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 35-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 1 | Put | $5.77 | N/A |
ACRS long put 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
ACRS long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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 long put on ACRS
Long puts on ACRS hedge an existing long ACRS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ACRS exposure being hedged.
ACRS thesis for this long put
The market-implied 1-standard-deviation range for ACRS extends from approximately $4.46 on the downside to $7.08 on the upside. A ACRS long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ACRS position with one put per 100 shares held. Current ACRS IV rank near 27.62% 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 79.20%. 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 long put positions are structurally 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. 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. Long-premium structures like a long put on ACRS 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 ACRS chain quotes before placing a trade.
Frequently asked questions
- What is a long put on ACRS?
- A long put on ACRS is the long put strategy applied to ACRS (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With ACRS stock at $5.77 on the most recent close, the strikes shown on this page are snapped to the nearest listed ACRS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ACRS long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the ACRS long put priced from the end-of-day chain at a 30-day expiry (ATM IV 79.20%), 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 long put?
- The breakeven for the ACRS long put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ACRS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on ACRS?
- Long puts on ACRS hedge an existing long ACRS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ACRS exposure being hedged.
- How does current ACRS implied volatility affect this long put?
- ACRS ATM IV is at 79.20% with IV rank near 27.62%, 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.