ALMS Collar 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 collar on ALMS?
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 ALMS snapshot
As of May 15, 2026, spot at $23.05, ATM IV 81.70%, IV rank 9.07%, expected move 23.42%. The collar 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 collar structure on ALMS specifically: IV regime affects collar pricing on both sides; compressed ALMS IV at 81.70% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The ALMS 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 ALMS near $23.05, the first option leg uses a $24.00 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 100 shares | Stock | $23.05 | long |
| Sell 1 | Call | $24.00 | $2.50 |
| Buy 1 | Put | $22.00 | $1.68 |
ALMS collar risk and reward
- Net Premium / Debit
- -$2,222.50
- Max Profit (per contract)
- $177.50
- Max Loss (per contract)
- -$22.50
- Breakeven(s)
- $22.23
- Risk / Reward Ratio
- 7.889
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.
ALMS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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% | -$22.50 |
| $5.11 | -77.9% | -$22.50 |
| $10.20 | -55.7% | -$22.50 |
| $15.30 | -33.6% | -$22.50 |
| $20.39 | -11.5% | -$22.50 |
| $25.49 | +10.6% | +$177.50 |
| $30.58 | +32.7% | +$177.50 |
| $35.68 | +54.8% | +$177.50 |
| $40.77 | +76.9% | +$177.50 |
| $45.87 | +99.0% | +$177.50 |
When traders use collar on ALMS
Collars on ALMS hedge an existing long ALMS 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.
ALMS thesis for this collar
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 collar hedges an existing long ALMS 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 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 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. 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. Always rebuild the position from current ALMS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ALMS?
- A collar on ALMS is the collar strategy applied to ALMS (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 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 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 ALMS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 81.70%), the computed maximum profit is $177.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ALMS collar?
- The breakeven for the ALMS collar priced on this page is roughly $22.23 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 collar on ALMS?
- Collars on ALMS hedge an existing long ALMS 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 ALMS implied volatility affect this collar?
- 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.