ALNY Cash-Secured Put Strategy
ALNY (Alnylam Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Alnylam Pharmaceuticals, Inc. is a biopharmaceutical company primarily dedicated to the discovery, development, and commercialization of innovative therapeutic solutions leveraging ribonucleic acid interference (RNAi) technology. Its robust pipeline of RNAi-based treatments addresses a range of critical therapeutic areas, including inherited genetic disorders, cardio-metabolic conditions, hepatic infectious diseases, and central nervous system (CNS) and ocular disorders. Currently, Alnylam offers several approved therapies: ONPATTRO (patisiran) for adults suffering from polyneuropathy associated with hereditary transthyretin-mediated amyloidosis; GIVLAARI for adult patients with acute hepatic porphyria (AHP); and OXLUMO (lumasiran) for primary hyperoxaluria type 1 (PH1). Beyond its commercial portfolio, the company maintains an active development pipeline. Key investigational therapies include givosiran, aimed at adolescent patients with AHP; patisiran, being explored for transthyretin amyloidosis (ATTR) with cardiomyopathy; cemdisiran for complement-mediated disorders; ALN-AAT02 for AAT deficiency-associated liver disease; ALN-HBV02 for chronic hepatitis B virus infection; Zilebesiran for hypertension; and ALN-HSD for non-alcoholic steatohepatitis (NASH). Additionally, other candidates such as Fitusiran for hemophilia and bleeding disorders, Inclisiran for hypercholesterolemia, an expanded indication for lumasiran for advanced PH1 and recurrent kidney stones, and vutrisiran for ATTR amyloidosis (currently in Phase 3 clinical trials) are also progressing.
ALNY (Alnylam Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $29.97B, a trailing P/E of 36.93, a beta of 0.28 versus the broader market, a 52-week range of 197.81-495.55, average daily share volume of 1.4M, a public-listing history dating back to 2004, approximately 3K full-time employees. These structural characteristics shape how ALNY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.28 indicates ALNY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 36.93 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a cash-secured put on ALNY?
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.
ALNY snapshot
As of August 14, 2026, spot at $228.10, ATM IV 38.20%, IV rank 16.81%, expected move 10.95%. The cash-secured put on ALNY below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this cash-secured put structure on ALNY specifically: ALNY IV at 38.20% is on the cheap side of its 1-year range, which means a premium-selling ALNY cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.95% (roughly $24.98 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ALNY expiries trade a higher absolute premium for lower per-day decay. Position sizing on ALNY should anchor to the underlying notional of $228.10 per share and to the trader's directional view on ALNY stock.
ALNY cash-secured put setup
The ALNY cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ALNY at $228.10 on that close, the first option leg uses a $220.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ALNY chain at a 35-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 ALNY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $220.00 | $7.35 |
ALNY cash-secured put risk and reward
- Net Premium / Debit
- +$735.00
- Max Profit (per contract)
- $735.00
- Max Loss (per contract)
- -$21,264.00
- Breakeven(s)
- $212.65
- Risk / Reward Ratio
- 0.035
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
ALNY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ALNY. 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% | -$21,264.00 |
| $50.44 | -77.9% | -$16,220.69 |
| $100.88 | -55.8% | -$11,177.39 |
| $151.31 | -33.7% | -$6,134.08 |
| $201.74 | -11.6% | -$1,090.77 |
| $252.18 | +10.6% | +$735.00 |
| $302.61 | +32.7% | +$735.00 |
| $353.04 | +54.8% | +$735.00 |
| $403.47 | +76.9% | +$735.00 |
| $453.91 | +99.0% | +$735.00 |
When traders use cash-secured put on ALNY
Cash-secured puts on ALNY earn premium while a trader waits to acquire ALNY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ALNY.
ALNY thesis for this cash-secured put
The market-implied 1-standard-deviation range for ALNY extends from approximately $203.12 on the downside to $253.08 on the upside. A ALNY cash-secured put lets a trader earn premium while waiting to acquire ALNY 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 ALNY IV rank near 16.81% 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 ALNY at 38.20%. As a Healthcare name, ALNY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ALNY-specific events.
ALNY 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. ALNY positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ALNY alongside the broader basket even when ALNY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ALNY carry tail risk when realized volatility exceeds the implied move; review historical ALNY earnings reactions and macro stress periods before sizing. Always rebuild the position from current ALNY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ALNY?
- A cash-secured put on ALNY is the cash-secured put strategy applied to ALNY (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 ALNY stock at $228.10 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ALNY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ALNY 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 ALNY cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 38.20%), the computed maximum profit is $735.00 per contract and the computed maximum loss is -$21,264.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ALNY cash-secured put?
- The breakeven for the ALNY cash-secured put priced on this page is roughly $212.65 at expiration, derived from the August 14, 2026 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 ALNY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.95%; 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 ALNY?
- Cash-secured puts on ALNY earn premium while a trader waits to acquire ALNY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ALNY.
- How does current ALNY implied volatility affect this cash-secured put?
- ALNY ATM IV is at 38.20% with IV rank near 16.81%, 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.