ADCT Cash-Secured Put Strategy
ADCT (ADC Therapeutics S.A.), in the Healthcare sector, (Biotechnology industry), listed on NYSE.
ADC Therapeutics S.A. operates as a commercial-stage biotechnology company, focused on developing antibody-drug conjugates (ADCs) for the treatment of hematological malignancies and solid tumors. Its flagship product, ZYNLONTA, is presently being evaluated in multiple clinical trials: a Phase II study for relapsed or refractory diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma; a Phase III trial assessing its combination with rituximab for second-line, transplant-ineligible patients with relapsed or refractory DLBCL; and a Phase I trial for relapsed or refractory non-Hodgkin lymphoma (NHL). The company's pipeline also includes camidanlumab tesirine, another ADC, which has completed Phase I development for relapsed or refractory NHL. It is additionally progressing through Phase II for relapsed or refractory Hodgkin lymphoma and Phase Ib for selected advanced solid tumors. Furthermore, ADC Therapeutics is advancing ADCT-602, currently in Phase Ia for acute lymphoblastic leukemia, alongside ADCT-601 and ADCT-901, both of which are in Phase Ia for various solid tumors. Its preclinical portfolio features ADCT-701 and ADCT-901, both aimed at solid tumors.
ADCT (ADC Therapeutics S.A.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $156.4M, a beta of 1.84 versus the broader market, a 52-week range of 0.78-4.98, average daily share volume of 1.6M, a public-listing history dating back to 2020, approximately 191 full-time employees. These structural characteristics shape how ADCT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.84 indicates ADCT 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 cash-secured put on ADCT?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
ADCT snapshot
As of August 14, 2026, spot at $1.02, ATM IV 26.50%, IV rank 3.12%, expected move 7.60%. The cash-secured put on ADCT 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 cash-secured put structure on ADCT specifically: ADCT IV at 26.50% is on the cheap side of its 1-year range, which means a premium-selling ADCT cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.60% (roughly $0.08 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 ADCT expiries trade a higher absolute premium for lower per-day decay. Position sizing on ADCT should anchor to the underlying notional of $1.02 per share and to the trader's directional view on ADCT stock.
ADCT cash-secured put setup
The ADCT cash-secured 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 ADCT at $1.02 on that close, the first option leg uses a $0.97 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ADCT 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 ADCT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $0.97 | N/A |
ADCT cash-secured 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
ADCT cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ADCT. 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 cash-secured put on ADCT
Cash-secured puts on ADCT earn premium while a trader waits to acquire ADCT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ADCT.
ADCT thesis for this cash-secured put
The market-implied 1-standard-deviation range for ADCT extends from approximately $0.94 on the downside to $1.10 on the upside. A ADCT cash-secured put lets a trader earn premium while waiting to acquire ADCT at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current ADCT IV rank near 3.12% 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 ADCT at 26.50%. As a Healthcare name, ADCT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ADCT-specific events.
ADCT cash-secured put positions are structurally neutral to slightly bullish; 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. ADCT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ADCT alongside the broader basket even when ADCT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ADCT carry tail risk when realized volatility exceeds the implied move; review historical ADCT earnings reactions and macro stress periods before sizing. Always rebuild the position from current ADCT chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ADCT?
- A cash-secured put on ADCT is the cash-secured put strategy applied to ADCT (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With ADCT stock at $1.02 on the most recent close, the strikes shown on this page are snapped to the nearest listed ADCT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ADCT cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the ADCT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.50%), 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 ADCT cash-secured put?
- The breakeven for the ADCT cash-secured 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 ADCT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on ADCT?
- Cash-secured puts on ADCT earn premium while a trader waits to acquire ADCT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ADCT.
- How does current ADCT implied volatility affect this cash-secured put?
- ADCT ATM IV is at 26.50% with IV rank near 3.12%, 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.