ANRO Bear Put Spread Strategy
ANRO (Alto Neuroscience, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NYSE.
Alto Neuroscience, Inc. operates as a biopharmaceutical entity in the clinical stage, specializing in the creation of novel psychiatric medications. Its development pipeline includes ALTO-100, an investigational therapy targeting individuals affected by major depressive disorder (MDD) and post-traumatic stress disorder. Also in its portfolio is ALTO-300, a small molecule designed to function as both a melatonergic agonist and serotonergic antagonist, exhibiting antidepressant properties for MDD patients. For addressing the cognitive impairments linked with schizophrenia, Alto Neuroscience is advancing ALTO-101, an innovative small molecule phosphodiesterase 4 inhibitor. The company's therapeutic candidates further extend to ALTO-203, a pioneering small-molecule histamine H3 receptor inverse agonist intended for MDD patients experiencing heightened anhedonia, and ALTO-202, an orally available antagonist of the GluN2B subunit of the NMDA receptor, also under investigation for MDD. Beyond these individual drug candidates, the firm is engaged in developing novel drug combinations that demonstrate synergistic pharmacodynamic effects.
ANRO (Alto Neuroscience, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $948.9M, a beta of 1.25 versus the broader market, a 52-week range of 2.15-28.441, average daily share volume of 343K, a public-listing history dating back to 2024, approximately 76 full-time employees. These structural characteristics shape how ANRO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.25 places ANRO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on ANRO?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current ANRO snapshot
As of June 30, 2026, spot at $26.30, ATM IV 128.40%, IV rank 22.17%, expected move 36.81%. The bear put spread on ANRO 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 bear put spread structure on ANRO specifically: ANRO IV at 128.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a ANRO bear put spread, with a market-implied 1-standard-deviation move of approximately 36.81% (roughly $9.68 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 ANRO expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANRO should anchor to the underlying notional of $26.30 per share and to the trader's directional view on ANRO stock.
ANRO bear put spread setup
The ANRO bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ANRO near $26.30, the first option leg uses a $26.30 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANRO 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 ANRO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $26.30 | N/A |
| Sell 1 | Put | $24.99 | N/A |
ANRO bear put spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
ANRO bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on ANRO. 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 bear put spread on ANRO
Bear put spreads on ANRO reduce the cost of a bearish ANRO stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
ANRO thesis for this bear put spread
The market-implied 1-standard-deviation range for ANRO extends from approximately $16.62 on the downside to $35.98 on the upside. A ANRO bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on ANRO, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ANRO IV rank near 22.17% 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 ANRO at 128.40%. As a Healthcare name, ANRO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANRO-specific events.
ANRO bear put spread positions are structurally moderately 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. ANRO positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANRO alongside the broader basket even when ANRO-specific fundamentals are unchanged. Long-premium structures like a bear put spread on ANRO 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 ANRO chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on ANRO?
- A bear put spread on ANRO is the bear put spread strategy applied to ANRO (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With ANRO stock trading near $26.30, the strikes shown on this page are snapped to the nearest listed ANRO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ANRO bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the ANRO bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 128.40%), 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 ANRO bear put spread?
- The breakeven for the ANRO bear put spread 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 ANRO market-implied 1-standard-deviation expected move is approximately 36.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on ANRO?
- Bear put spreads on ANRO reduce the cost of a bearish ANRO stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current ANRO implied volatility affect this bear put spread?
- ANRO ATM IV is at 128.40% with IV rank near 22.17%, 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.