ANNX Long 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 long put on ANNX?
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 ANNX snapshot
As of June 30, 2026, spot at $5.70, ATM IV 499.50%, IV rank 100.00%, expected move 143.20%. The long 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 17-day expiry.
Why this long put structure on ANNX specifically: ANNX IV at 499.50% is rich versus its 1-year range, which makes a premium-buying ANNX long put relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 143.20% (roughly $8.16 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 ANNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANNX should anchor to the underlying notional of $5.70 per share and to the trader's directional view on ANNX stock.
ANNX long put setup
The ANNX 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 ANNX near $5.70, the first option leg uses a $5.70 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 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 ANNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $5.70 | N/A |
ANNX long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
ANNX long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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 long put on ANNX
Long puts on ANNX hedge an existing long ANNX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ANNX exposure being hedged.
ANNX thesis for this long put
The market-implied 1-standard-deviation range for ANNX extends from approximately $-2.46 on the downside to $13.86 on the upside. A ANNX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ANNX position with one put per 100 shares held. 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 499.50%. 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 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. 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. Long-premium structures like a long put on ANNX 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 ANNX chain quotes before placing a trade.
Frequently asked questions
- What is a long put on ANNX?
- A long put on ANNX is the long put strategy applied to ANNX (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 ANNX stock trading near $5.70, 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 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 ANNX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 499.50%), 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 ANNX long put?
- The breakeven for the ANNX long 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 143.20%; 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 ANNX?
- Long puts on ANNX hedge an existing long ANNX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ANNX exposure being hedged.
- How does current ANNX implied volatility affect this long put?
- ANNX ATM IV is at 499.50% 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.