ANNX Cash-Secured Put Strategy
ANNX (Annexon, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Annexon, Inc. is a biopharmaceutical company currently engaged in clinical trials, dedicated to the discovery and advancement of therapies for a variety of autoimmune, neurodegenerative, and ophthalmic conditions. Central to its approach is the C1q molecule, which initiates the classical complement pathway. The company targets this pathway to address specific disease mechanisms, such as those seen in antibody-mediated autoimmune disorders and complement-driven neurodegeneration. The company's developmental pipeline features several promising candidates. ANX005, a monoclonal antibody, is in advanced clinical testing, undergoing Phase II/III trials for Guillain-Barré syndrome, as well as Phase II trials for warm autoimmune hemolytic anemia, Huntington's disease, and amyotrophic lateral sclerosis. Another candidate, ANX009, is currently in Phase Ib studies for lupus nephritis.
ANNX (Annexon, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $655.4M, a beta of 1.18 versus the broader market, a 52-week range of 1.85-7.18, average daily share volume of 2.8M, a public-listing history dating back to 2020, approximately 106 full-time employees. These structural characteristics shape how ANNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.18 places ANNX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a cash-secured put on ANNX?
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 ANNX snapshot
As of June 29, 2026, spot at $5.60, ATM IV 350.20%, IV rank 100.00%, expected move 100.40%. The cash-secured put on ANNX 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 18-day expiry.
Why this cash-secured put structure on ANNX specifically: ANNX IV at 350.20% is rich versus its 1-year range, which favors premium-selling structures like a ANNX cash-secured put, with a market-implied 1-standard-deviation move of approximately 100.40% (roughly $5.62 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ANNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANNX should anchor to the underlying notional of $5.60 per share and to the trader's directional view on ANNX stock.
ANNX cash-secured put setup
The ANNX 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 ANNX near $5.60, the first option leg uses a $5.32 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANNX chain at a 18-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 ANNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $5.32 | N/A |
ANNX 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.
ANNX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ANNX. 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 ANNX
Cash-secured puts on ANNX earn premium while a trader waits to acquire ANNX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ANNX.
ANNX thesis for this cash-secured put
The market-implied 1-standard-deviation range for ANNX extends from approximately $-0.02 on the downside to $11.22 on the upside. A ANNX cash-secured put lets a trader earn premium while waiting to acquire ANNX 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 ANNX IV rank near 100.00% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on ANNX at 350.20%. As a Healthcare name, ANNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANNX-specific events.
ANNX 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. ANNX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANNX alongside the broader basket even when ANNX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ANNX carry tail risk when realized volatility exceeds the implied move; review historical ANNX earnings reactions and macro stress periods before sizing. Always rebuild the position from current ANNX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ANNX?
- A cash-secured put on ANNX is the cash-secured put strategy applied to ANNX (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 ANNX stock trading near $5.60, the strikes shown on this page are snapped to the nearest listed ANNX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ANNX 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 ANNX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 350.20%), 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 ANNX cash-secured put?
- The breakeven for the ANNX 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 ANNX market-implied 1-standard-deviation expected move is approximately 100.40%; 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 ANNX?
- Cash-secured puts on ANNX earn premium while a trader waits to acquire ANNX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ANNX.
- How does current ANNX implied volatility affect this cash-secured put?
- ANNX ATM IV is at 350.20% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.