ANAB Cash-Secured Put Strategy

ANAB (AnaptysBio, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

AnaptysBio, Inc., a clinical-stage biotechnology company, focuses in delivering immunology therapeutics for autoimmune and inflammatory diseases in the United States. The company’s products include Rosnilimab, a selective pathogenic T cell deplete which completed a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis; ANB033, a CD122 antagonist, which is in a Phase 1b trial for celiac disease and eosinophilic esophagitis; ANB101, a BDCA2 modulator antibody which is in Phase 1a trial that specifically targets plasmacytoid dendritic cells and inhibits interferon secretion and modulates antigen presentation; dostarlimab, a PD-1 antagonist for various solid tumor indications; and Imsidolimab, an antibody that inhibits the interleukin-36 receptor, which is in the Phase 3 development for the treatment of generalized pustular psoriasis. It focuses on developing various antibody programs that are advanced to preclinical and clinical milestones under its collaborations. It has collaborations agreement with GSK and Vanda. The company was formerly known as Anaptys Biosciences, Inc. and changed its name to AnaptysBio, Inc. in July 2006. AnaptysBio, Inc. was incorporated in 2005 and is based in San Diego, California.

ANAB (AnaptysBio, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.72B, a beta of 0.41 versus the broader market, a 52-week range of 11.404-72.36, average daily share volume of 703K, a public-listing history dating back to 2017, approximately 104 full-time employees. These structural characteristics shape how ANAB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.41 indicates ANAB 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 cash-secured put on ANAB?

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.

Current ANAB snapshot

As of June 30, 2026, spot at $67.74, ATM IV 90.50%, IV rank 30.81%, expected move 25.95%. The cash-secured put on ANAB 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 cash-secured put structure on ANAB specifically: ANAB IV at 90.50% is mid-range versus its 1-year history, so the credit collected on a ANAB cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 25.95% (roughly $17.58 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 ANAB expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANAB should anchor to the underlying notional of $67.74 per share and to the trader's directional view on ANAB stock.

ANAB cash-secured put setup

The ANAB cash-secured 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 ANAB near $67.74, the first option leg uses a $64.35 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANAB 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 ANAB shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$64.35N/A

ANAB cash-secured put risk and reward

Net Premium / Debit
N/A
Max Profit (per contract)
Unbounded
Max Loss (per contract)
Unbounded
Breakeven(s)
None on modeled curve
Risk / Reward Ratio
N/A

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

ANAB cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ANAB. 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.

When traders use cash-secured put on ANAB

Cash-secured puts on ANAB earn premium while a trader waits to acquire ANAB stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ANAB.

ANAB thesis for this cash-secured put

The market-implied 1-standard-deviation range for ANAB extends from approximately $50.16 on the downside to $85.32 on the upside. A ANAB cash-secured put lets a trader earn premium while waiting to acquire ANAB 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 ANAB IV rank near 30.81% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on ANAB should anchor more to the directional view and the expected-move geometry. As a Healthcare name, ANAB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANAB-specific events.

ANAB 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. ANAB positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANAB alongside the broader basket even when ANAB-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ANAB carry tail risk when realized volatility exceeds the implied move; review historical ANAB earnings reactions and macro stress periods before sizing. Always rebuild the position from current ANAB chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on ANAB?
A cash-secured put on ANAB is the cash-secured put strategy applied to ANAB (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 ANAB stock trading near $67.74, the strikes shown on this page are snapped to the nearest listed ANAB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ANAB 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 ANAB cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 90.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ANAB cash-secured put?
The breakeven for the ANAB cash-secured put priced on this page is no defined breakeven on the modeled curve 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 ANAB market-implied 1-standard-deviation expected move is approximately 25.95%; 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 ANAB?
Cash-secured puts on ANAB earn premium while a trader waits to acquire ANAB stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ANAB.
How does current ANAB implied volatility affect this cash-secured put?
ANAB ATM IV is at 90.50% with IV rank near 30.81%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

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