ALDX Collar Strategy
ALDX (Aldeyra Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Aldeyra Therapeutics, Inc., a biotechnology company, develops and commercializes medicines for immune-mediated ocular and systemic diseases. The company's lead product candidate is reproxalap, a reactive aldehyde species (RASP)modulator, which is in Phase III clinical trial for the treatment of dry eye diseases and allergic conjunctivitis. It also develops ADX-629, a first-in-class orally administered RASP modulator that is Phase II clinical trial for psoriasis, asthma, and COVID-19; and ADX-2191, a dihydrofolate reductase inhibitor which is in phase 3 for the prevention of proliferative vitreoretinopathy, and phase II clinical trial for the treatment of retinitis pigmentosa, as well as for treating primary vitreoretinal lymphoma. The company has a license agreement with Madrigal Pharmaceuticals, Inc. for developing ADX-1612, which inhibits the protein chaperome for the treatment of inflammatory diseases. The company was formerly known as Aldexa Therapeutics, Inc. and changed its name to Aldeyra Therapeutics, Inc. in March 2014. Aldeyra Therapeutics, Inc. was incorporated in 2004 and is based in Lexington, Massachusetts.
ALDX (Aldeyra Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $102.5M, a beta of 1.15 versus the broader market, a 52-week range of 1.07-6.175, average daily share volume of 3.2M, a public-listing history dating back to 2014, approximately 9 full-time employees. These structural characteristics shape how ALDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.15 places ALDX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on ALDX?
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 ALDX snapshot
As of May 15, 2026, spot at $1.65, ATM IV 139.80%, IV rank 20.16%, expected move 40.08%. The collar on ALDX 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 28-day expiry.
Why this collar structure on ALDX specifically: IV regime affects collar pricing on both sides; compressed ALDX IV at 139.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 40.08% (roughly $0.66 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ALDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ALDX should anchor to the underlying notional of $1.65 per share and to the trader's directional view on ALDX stock.
ALDX collar setup
The ALDX 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 ALDX near $1.65, the first option leg uses a $1.73 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ALDX chain at a 28-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 ALDX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $1.65 | long |
| Sell 1 | Call | $1.73 | N/A |
| Buy 1 | Put | $1.57 | N/A |
ALDX 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.
ALDX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ALDX. 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 ALDX
Collars on ALDX hedge an existing long ALDX 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.
ALDX thesis for this collar
The market-implied 1-standard-deviation range for ALDX extends from approximately $0.99 on the downside to $2.31 on the upside. A ALDX collar hedges an existing long ALDX 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 ALDX IV rank near 20.16% 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 ALDX at 139.80%. As a Healthcare name, ALDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ALDX-specific events.
ALDX 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. ALDX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ALDX alongside the broader basket even when ALDX-specific fundamentals are unchanged. Always rebuild the position from current ALDX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ALDX?
- A collar on ALDX is the collar strategy applied to ALDX (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 ALDX stock trading near $1.65, the strikes shown on this page are snapped to the nearest listed ALDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ALDX 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 ALDX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 139.80%), 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 ALDX collar?
- The breakeven for the ALDX 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 ALDX market-implied 1-standard-deviation expected move is approximately 40.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ALDX?
- Collars on ALDX hedge an existing long ALDX 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 ALDX implied volatility affect this collar?
- ALDX ATM IV is at 139.80% with IV rank near 20.16%, 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.