AKBA Cash-Secured Put Strategy
AKBA (Akebia Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Akebia Therapeutics, Inc., a biopharmaceutical company, focuses on the development and commercialization of therapeutics for patients with kidney diseases. The company's lead product investigational product candidate is vadadustat, an oral therapy, which is in Phase III development for the treatment of anemia due to chronic kidney disease (CKD) in dialysis-dependent and non-dialysis dependent adult patients. It also offers Auryxia, a ferric citrate that is used to control the serum phosphorus levels in adult patients with DD-CKD on dialysis; and the treatment of iron deficiency anemia in adult patients with CKD not on dialysis. Akebia Therapeutics, Inc. has collaboration agreements with Otsuka Pharmaceutical Co. Ltd. for the development and commercialization of vadadustat in the United States, the European Union, Russia, China, Australia, Canada, the Middle East, and other countries; and Mitsubishi Tanabe Pharma Corporation for the development and commercialization of vadadustat in Japan and other Asian countries, as well as research and license agreement with Janssen Pharmaceutica NV for the development and commercialization of hypoxia-inducible factor prolyl hydroxylase targeted compounds worldwide. The company was incorporated in 2007 and is headquartered in Cambridge, Massachusetts.
AKBA (Akebia Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $316.5M, a beta of 0.35 versus the broader market, a 52-week range of 1.125-4.079, average daily share volume of 3.0M, a public-listing history dating back to 2014, approximately 181 full-time employees. These structural characteristics shape how AKBA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.35 indicates AKBA has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a cash-secured put on AKBA?
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.
Current AKBA snapshot
As of May 15, 2026, spot at $1.08, ATM IV 173.60%, IV rank 47.14%, expected move 49.77%. The cash-secured put on AKBA 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 cash-secured put structure on AKBA specifically: AKBA IV at 173.60% is mid-range versus its 1-year history, so the credit collected on a AKBA cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 49.77% (roughly $0.54 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 AKBA expiries trade a higher absolute premium for lower per-day decay. Position sizing on AKBA should anchor to the underlying notional of $1.08 per share and to the trader's directional view on AKBA stock.
AKBA cash-secured put setup
The AKBA 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 AKBA near $1.08, the first option leg uses a $1.03 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AKBA 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 AKBA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $1.03 | N/A |
AKBA 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.
AKBA cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on AKBA. 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 AKBA
Cash-secured puts on AKBA earn premium while a trader waits to acquire AKBA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning AKBA.
AKBA thesis for this cash-secured put
The market-implied 1-standard-deviation range for AKBA extends from approximately $0.54 on the downside to $1.62 on the upside. A AKBA cash-secured put lets a trader earn premium while waiting to acquire AKBA 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 AKBA IV rank near 47.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on AKBA should anchor more to the directional view and the expected-move geometry. As a Healthcare name, AKBA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AKBA-specific events.
AKBA 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. AKBA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AKBA alongside the broader basket even when AKBA-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on AKBA carry tail risk when realized volatility exceeds the implied move; review historical AKBA earnings reactions and macro stress periods before sizing. Always rebuild the position from current AKBA chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on AKBA?
- A cash-secured put on AKBA is the cash-secured put strategy applied to AKBA (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 AKBA stock trading near $1.08, the strikes shown on this page are snapped to the nearest listed AKBA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AKBA 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 AKBA cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 173.60%), 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 AKBA cash-secured put?
- The breakeven for the AKBA cash-secured put 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 AKBA market-implied 1-standard-deviation expected move is approximately 49.77%; 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 AKBA?
- Cash-secured puts on AKBA earn premium while a trader waits to acquire AKBA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning AKBA.
- How does current AKBA implied volatility affect this cash-secured put?
- AKBA ATM IV is at 173.60% with IV rank near 47.14%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.