ALNY Long Put Strategy
ALNY (Alnylam Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Alnylam Pharmaceuticals, Inc., a biopharmaceutical company, focuses on discovering, developing, and commercializing novel therapeutics based on ribonucleic acid interference. The company's pipeline of investigational RNAi therapeutics focuses on genetic medicines, cardio-metabolic diseases, hepatic infectious diseases, and central nervous system (CNS)/ocular diseases. Its marketed products include ONPATTRO (patisiran), a lipid complex injection for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; GIVLAARI for the treatment of adults with acute hepatic porphyria (AHP); and OXLUMO (lumasiran) for the treatment of primary hyperoxaluria type 1 (PH1). In addition, the company is developing givosiran for the treatment of adolescent patients with AHP; patisiran for the treatment of transthyretin amyloidosis, or ATTR amyloidosis, with cardiomyopathy; cemdisiran to treat complement-mediated diseases; ALN-AAT02 for the treatment of AAT deficiency-associated liver disease; ALN-HBV02 to treat chronic HBV infection; Zilebesiran to treat hypertension; and ALN-HSD to treat NASH. Further, it offers Fitusiran for the treatment of hemophilia and rare bleeding disorders, Inclisiran to treat hypercholesterolemia, lumasiran for the treatment of advanced PH1 and recurrent renal stones, and vutrisiran for the treatment of ATTR amyloidosis, which is in phase 3 clinical trial. Alnylam Pharmaceuticals, Inc. has strategic collaborations with Regeneron Pharmaceuticals, Inc. to discover, develop, and commercialize RNAi therapeutics for a range of diseases by addressing therapeutic targets expressed in the eye and CNS; and Sanofi Genzyme to discover, develop, and commercialize RNAi therapeutics.
ALNY (Alnylam Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $38.92B, a trailing P/E of 67.11, a beta of 0.30 versus the broader market, a 52-week range of 266.18-495.55, average daily share volume of 1.1M, a public-listing history dating back to 2004, approximately 2K 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 0.30 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 67.11 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 long put on ALNY?
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.
Current ALNY snapshot
As of May 15, 2026, spot at $288.91, ATM IV 40.00%, IV rank 22.84%, expected move 11.47%. The long put on ALNY 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 long put structure on ALNY specifically: ALNY IV at 40.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a ALNY long put, with a market-implied 1-standard-deviation move of approximately 11.47% (roughly $33.13 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 ALNY expiries trade a higher absolute premium for lower per-day decay. Position sizing on ALNY should anchor to the underlying notional of $288.91 per share and to the trader's directional view on ALNY stock.
ALNY long put setup
The ALNY 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 ALNY near $288.91, the first option leg uses a $290.00 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 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 ALNY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $290.00 | $13.95 |
ALNY long put risk and reward
- Net Premium / Debit
- -$1,395.00
- Max Profit (per contract)
- $27,604.00
- Max Loss (per contract)
- -$1,395.00
- Breakeven(s)
- $276.05
- Risk / Reward Ratio
- 19.788
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
ALNY long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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% | +$27,604.00 |
| $63.89 | -77.9% | +$21,216.15 |
| $127.77 | -55.8% | +$14,828.30 |
| $191.65 | -33.7% | +$8,440.45 |
| $255.52 | -11.6% | +$2,052.60 |
| $319.40 | +10.6% | -$1,395.00 |
| $383.28 | +32.7% | -$1,395.00 |
| $447.16 | +54.8% | -$1,395.00 |
| $511.04 | +76.9% | -$1,395.00 |
| $574.92 | +99.0% | -$1,395.00 |
When traders use long put on ALNY
Long puts on ALNY hedge an existing long ALNY stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ALNY exposure being hedged.
ALNY thesis for this long put
The market-implied 1-standard-deviation range for ALNY extends from approximately $255.78 on the downside to $322.04 on the upside. A ALNY long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ALNY position with one put per 100 shares held. Current ALNY IV rank near 22.84% 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 40.00%. 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 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. 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. Long-premium structures like a long put on ALNY 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 ALNY chain quotes before placing a trade.
Frequently asked questions
- What is a long put on ALNY?
- A long put on ALNY is the long put strategy applied to ALNY (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 ALNY stock trading near $288.91, the strikes shown on this page are snapped to the nearest listed ALNY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ALNY 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 ALNY long put priced from the end-of-day chain at a 30-day expiry (ATM IV 40.00%), the computed maximum profit is $27,604.00 per contract and the computed maximum loss is -$1,395.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ALNY long put?
- The breakeven for the ALNY long put priced on this page is roughly $276.05 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 ALNY market-implied 1-standard-deviation expected move is approximately 11.47%; 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 ALNY?
- Long puts on ALNY hedge an existing long ALNY stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ALNY exposure being hedged.
- How does current ALNY implied volatility affect this long put?
- ALNY ATM IV is at 40.00% with IV rank near 22.84%, 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.