AMLX Collar Strategy
AMLX (Amylyx Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Amylyx Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical firm, primarily focused on creating therapies for amyotrophic lateral sclerosis (ALS) and various other neurodegenerative conditions. A key asset in its developmental pipeline is AMX0035, a proprietary dual UPR-Bax apoptosis inhibitor. This compound, which integrates sodium phenylbutyrate and taurursodiol, is under investigation for treating ALS, and its application is also being explored for other neurodegenerative diseases. The company was established in 2013 and is based in Cambridge, Massachusetts.
AMLX (Amylyx Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.48B, a beta of -0.16 versus the broader market, a 52-week range of 5.97-18.74, average daily share volume of 1.3M, a public-listing history dating back to 2022, approximately 123 full-time employees. These structural characteristics shape how AMLX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.16 indicates AMLX 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 AMLX?
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 AMLX snapshot
As of June 30, 2026, spot at $17.94, ATM IV 57.90%, IV rank 7.19%, expected move 16.60%. The collar on AMLX 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 17-day expiry.
Why this collar structure on AMLX specifically: IV regime affects collar pricing on both sides; compressed AMLX IV at 57.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 16.60% (roughly $2.98 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AMLX expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMLX should anchor to the underlying notional of $17.94 per share and to the trader's directional view on AMLX stock.
AMLX collar setup
The AMLX 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 AMLX near $17.94, the first option leg uses a $19.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMLX chain at a 17-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 AMLX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $17.94 | long |
| Sell 1 | Call | $19.00 | $0.60 |
| Buy 1 | Put | $17.00 | $0.43 |
AMLX collar risk and reward
- Net Premium / Debit
- -$1,776.50
- Max Profit (per contract)
- $123.50
- Max Loss (per contract)
- -$76.50
- Breakeven(s)
- $17.77
- Risk / Reward Ratio
- 1.614
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.
AMLX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on AMLX. 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 | -99.9% | -$76.50 |
| $3.98 | -77.8% | -$76.50 |
| $7.94 | -55.7% | -$76.50 |
| $11.91 | -33.6% | -$76.50 |
| $15.87 | -11.5% | -$76.50 |
| $19.84 | +10.6% | +$123.50 |
| $23.80 | +32.7% | +$123.50 |
| $27.77 | +54.8% | +$123.50 |
| $31.73 | +76.9% | +$123.50 |
| $35.70 | +99.0% | +$123.50 |
When traders use collar on AMLX
Collars on AMLX hedge an existing long AMLX 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.
AMLX thesis for this collar
The market-implied 1-standard-deviation range for AMLX extends from approximately $14.96 on the downside to $20.92 on the upside. A AMLX collar hedges an existing long AMLX 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 AMLX IV rank near 7.19% 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 AMLX at 57.90%. As a Healthcare name, AMLX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMLX-specific events.
AMLX 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. AMLX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AMLX alongside the broader basket even when AMLX-specific fundamentals are unchanged. Always rebuild the position from current AMLX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on AMLX?
- A collar on AMLX is the collar strategy applied to AMLX (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 AMLX stock trading near $17.94, the strikes shown on this page are snapped to the nearest listed AMLX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AMLX 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 AMLX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 57.90%), the computed maximum profit is $123.50 per contract and the computed maximum loss is -$76.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AMLX collar?
- The breakeven for the AMLX collar priced on this page is roughly $17.77 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 AMLX market-implied 1-standard-deviation expected move is approximately 16.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on AMLX?
- Collars on AMLX hedge an existing long AMLX 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 AMLX implied volatility affect this collar?
- AMLX ATM IV is at 57.90% with IV rank near 7.19%, 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.