ADPT Cash-Secured Put Strategy
ADPT (Adaptive Biotechnologies Corporation), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Adaptive Biotechnologies Corporation, founded in 2009 and headquartered in Seattle, Washington (operating as Adaptive TCR Corporation until its name change in December 2011), is a commercial-stage entity focused on pioneering an immune medicine platform. This advanced platform is engineered for the precise diagnosis and effective treatment of a broad spectrum of illnesses. The company offers several core technological solutions. Its immunoSEQ platform, a foundational immunosequencing product, is vital for translational research and discovering novel prognostic and diagnostic markers. For confirming past COVID-19 infections, Adaptive provides T-Detect COVID. Additionally, clonoSEQ functions as a critical clinical diagnostic tool, enabling the detection and continuous monitoring of minimal residual disease in individuals with multiple myeloma, B-cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia; it is also available as a CLIA-validated laboratory-developed test for other lymphoid cancers.
ADPT (Adaptive Biotechnologies Corporation) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $4.04B, a beta of 2.09 versus the broader market, a 52-week range of 11.92-26.155, average daily share volume of 2.5M, a public-listing history dating back to 2019, approximately 624 full-time employees. These structural characteristics shape how ADPT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.09 indicates ADPT 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 ADPT?
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.
ADPT snapshot
As of August 14, 2026, spot at $24.90, ATM IV 69.90%, IV rank 11.36%, expected move 20.04%. The cash-secured put on ADPT 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 ADPT specifically: ADPT IV at 69.90% is on the cheap side of its 1-year range, which means a premium-selling ADPT cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.04% (roughly $4.99 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 ADPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on ADPT should anchor to the underlying notional of $24.90 per share and to the trader's directional view on ADPT stock.
ADPT cash-secured put setup
The ADPT 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 ADPT at $24.90 on that close, the first option leg uses a $23.65 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ADPT 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 ADPT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $23.65 | N/A |
ADPT 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.
ADPT cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ADPT. 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 ADPT
Cash-secured puts on ADPT earn premium while a trader waits to acquire ADPT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ADPT.
ADPT thesis for this cash-secured put
The market-implied 1-standard-deviation range for ADPT extends from approximately $19.91 on the downside to $29.89 on the upside. A ADPT cash-secured put lets a trader earn premium while waiting to acquire ADPT 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 ADPT IV rank near 11.36% 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 ADPT at 69.90%. As a Healthcare name, ADPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ADPT-specific events.
ADPT 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. ADPT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ADPT alongside the broader basket even when ADPT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ADPT carry tail risk when realized volatility exceeds the implied move; review historical ADPT earnings reactions and macro stress periods before sizing. Always rebuild the position from current ADPT chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ADPT?
- A cash-secured put on ADPT is the cash-secured put strategy applied to ADPT (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 ADPT stock at $24.90 on the most recent close, the strikes shown on this page are snapped to the nearest listed ADPT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ADPT 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 ADPT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 69.90%), 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 ADPT cash-secured put?
- The breakeven for the ADPT 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 ADPT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.04%; 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 ADPT?
- Cash-secured puts on ADPT earn premium while a trader waits to acquire ADPT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ADPT.
- How does current ADPT implied volatility affect this cash-secured put?
- ADPT ATM IV is at 69.90% with IV rank near 11.36%, 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.