ALMS Bull Call Spread Strategy
ALMS (Alumis Inc. Common Stock), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Alumis Inc., a clinical stage biopharmaceutical company, focuses on the development and commercialization of medicines for autoimmune disorders. It develops ESK-001, an allosteric tyrosine kinase 2 (TYK2) inhibitor for the treatment of plaque psoriasis, systemic lupus erythematosus, and non-infectious uveitis; and A-005, a central nervous system-penetrant allosteric TYK2 inhibitor for neuroinflammatory and neurodegenerative diseases. The company was formerly known as Esker Therapeutics, Inc. and changed its name to Alumis Inc. in January 2022. The company was incorporated in 2021 and is headquartered in South San Francisco, California.
ALMS (Alumis Inc. Common Stock) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $3.06B, a beta of -0.29 versus the broader market, a 52-week range of 2.76-30.6, average daily share volume of 1.4M, a public-listing history dating back to 2021, approximately 168 full-time employees. These structural characteristics shape how ALMS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.29 indicates ALMS 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 bull call spread on ALMS?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current ALMS snapshot
As of May 15, 2026, spot at $23.05, ATM IV 81.70%, IV rank 9.07%, expected move 23.42%. The bull call spread on ALMS 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 bull call spread structure on ALMS specifically: ALMS IV at 81.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a ALMS bull call spread, with a market-implied 1-standard-deviation move of approximately 23.42% (roughly $5.40 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 ALMS expiries trade a higher absolute premium for lower per-day decay. Position sizing on ALMS should anchor to the underlying notional of $23.05 per share and to the trader's directional view on ALMS stock.
ALMS bull call spread setup
The ALMS bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ALMS near $23.05, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ALMS 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 ALMS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $23.00 | $2.75 |
| Sell 1 | Call | $24.00 | $2.50 |
ALMS bull call spread risk and reward
- Net Premium / Debit
- -$25.00
- Max Profit (per contract)
- $75.00
- Max Loss (per contract)
- -$25.00
- Breakeven(s)
- $23.25
- Risk / Reward Ratio
- 3.000
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
ALMS bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on ALMS. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$25.00 |
| $5.11 | -77.9% | -$25.00 |
| $10.20 | -55.7% | -$25.00 |
| $15.30 | -33.6% | -$25.00 |
| $20.39 | -11.5% | -$25.00 |
| $25.49 | +10.6% | +$75.00 |
| $30.58 | +32.7% | +$75.00 |
| $35.68 | +54.8% | +$75.00 |
| $40.77 | +76.9% | +$75.00 |
| $45.87 | +99.0% | +$75.00 |
When traders use bull call spread on ALMS
Bull call spreads on ALMS reduce the cost of a bullish ALMS stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
ALMS thesis for this bull call spread
The market-implied 1-standard-deviation range for ALMS extends from approximately $17.65 on the downside to $28.45 on the upside. A ALMS bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on ALMS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ALMS IV rank near 9.07% 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 ALMS at 81.70%. As a Healthcare name, ALMS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ALMS-specific events.
ALMS bull call spread positions are structurally moderately 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. ALMS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ALMS alongside the broader basket even when ALMS-specific fundamentals are unchanged. Long-premium structures like a bull call spread on ALMS 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 ALMS chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on ALMS?
- A bull call spread on ALMS is the bull call spread strategy applied to ALMS (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With ALMS stock trading near $23.05, the strikes shown on this page are snapped to the nearest listed ALMS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ALMS bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the ALMS bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 81.70%), the computed maximum profit is $75.00 per contract and the computed maximum loss is -$25.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ALMS bull call spread?
- The breakeven for the ALMS bull call spread priced on this page is roughly $23.25 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 ALMS market-implied 1-standard-deviation expected move is approximately 23.42%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on ALMS?
- Bull call spreads on ALMS reduce the cost of a bullish ALMS stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current ALMS implied volatility affect this bull call spread?
- ALMS ATM IV is at 81.70% with IV rank near 9.07%, 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.