ALDX Long Put Strategy

ALDX (Aldeyra The), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Aldeyra Therapeutics, Inc., a biotechnology company, discovers and develops therapies designed to treat immune-mediated diseases. Its lead product candidate is reproxalap, a reactive aldehyde species (RASP) modulator, which is in Phase III clinical trial for the treatment of dry eye disease and allergic conjunctivitis; and ADX-2191, a dihydrofolate reductase inhibitor for the treatment of primary vitreoretinal lymphoma and retinitis pigmentosa. The company also develops ADX-629, an orally administered RASP modulator that is in Phase 2 clinical trials for the treatment of COVID-19, atopic asthma, psoriasis, and alcohol intoxication. In addition, it develops preclinical RASP platforms, including ADX 248, ADX 246, and other novel RASP modulators for the treatment of various diseases associated with RASP. 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 The) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $91.7M, a beta of 1.20 versus the broader market, a 52-week range of 1.07-6.175, average daily share volume of 1.4M, a public-listing history dating back to 2014, approximately 7 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 1.20 places ALDX 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 ALDX?

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.

ALDX snapshot

As of August 14, 2026, spot at $1.56, ATM IV 281.06%, IV rank 56.14%, expected move 80.58%. The long put on ALDX 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 28-day expiry.

Why this long put structure on ALDX specifically: ALDX IV at 281.06% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 80.58% (roughly $1.26 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 $1.56 per share and to the trader's directional view on ALDX stock.

ALDX long put setup

The ALDX 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 ALDX at $1.56 on that close, the first option leg uses a $1.56 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).

ActionTypeStrike / BasisPremium (est)
Buy 1Put$1.56N/A

ALDX 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.

ALDX long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put 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 long put on ALDX

Long puts on ALDX hedge an existing long ALDX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ALDX exposure being hedged.

ALDX thesis for this long put

The market-implied 1-standard-deviation range for ALDX extends from approximately $0.30 on the downside to $2.82 on the upside. A ALDX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ALDX position with one put per 100 shares held. Current ALDX IV rank near 56.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on ALDX should anchor more to the directional view and the expected-move geometry. 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 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. 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. Long-premium structures like a long put on ALDX 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 ALDX chain quotes before placing a trade.

Frequently asked questions

What is a long put on ALDX?
A long put on ALDX is the long put strategy applied to ALDX (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 ALDX stock at $1.56 on the most recent close, the strikes shown on this page are snapped to the nearest listed ALDX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ALDX 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 ALDX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 281.06%), 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 long put?
The breakeven for the ALDX 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 ALDX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 80.58%; 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 ALDX?
Long puts on ALDX hedge an existing long ALDX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ALDX exposure being hedged.
How does current ALDX implied volatility affect this long put?
ALDX ATM IV is at 281.06% with IV rank near 56.14%, 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.

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