ANRO Cash-Secured Put Strategy
ANRO (Alto Neuroscience, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NYSE.
Alto Neuroscience, Inc. operates as a clinical-stage biopharmaceutical company that engages in the psychiatry drug development business. The company develops ALTO-100 for the treatment of patients with major depressive disorder (MDD) and post-traumatic stress disorder; ALTO-300, a small molecule melatonergic agonist and serotonergic antagonist with antidepressant properties to treat patients with MDD; and ALTO-101, a novel small molecule phosphodiesterase 4 inhibitor for the treatment of cognitive impairment associated with schizophrenia. It also develops ALTO-203, a novel small-molecule histamine H3 receptor inverse agonist to treat patients with MDD and higher levels of anhedonia, and ALTO-202, an investigational orally bioavailable antagonist of the GluN2B subunit of the NMDA receptor for the treatment of MDD. In addition, the company develops novel pharmacodynamically synergistic combinations and an AI-enabled biomarker platform that combine sources of information on patients brain activity and behavior to identify patients to respond to novel product candidates. Alto Neuroscience, Inc. was incorporated in 2019 and is based in Los Altos, California.
ANRO (Alto Neuroscience, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $730.0M, a beta of 1.65 versus the broader market, a 52-week range of 2.15-28.441, average daily share volume of 302K, 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 1.65 indicates ANRO has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a cash-secured put on ANRO?
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 ANRO snapshot
As of May 15, 2026, spot at $22.96, ATM IV 83.40%, IV rank 13.31%, expected move 23.91%. The cash-secured put 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 34-day expiry.
Why this cash-secured put structure on ANRO specifically: ANRO IV at 83.40% is on the cheap side of its 1-year range, which means a premium-selling ANRO cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 23.91% (roughly $5.49 on the underlying). The 34-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 $22.96 per share and to the trader's directional view on ANRO stock.
ANRO cash-secured put setup
The ANRO 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 ANRO near $22.96, the first option leg uses a $21.81 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 34-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) |
|---|---|---|---|
| Sell 1 | Put | $21.81 | N/A |
ANRO 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.
ANRO cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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 cash-secured put on ANRO
Cash-secured puts on ANRO earn premium while a trader waits to acquire ANRO stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ANRO.
ANRO thesis for this cash-secured put
The market-implied 1-standard-deviation range for ANRO extends from approximately $17.47 on the downside to $28.45 on the upside. A ANRO cash-secured put lets a trader earn premium while waiting to acquire ANRO 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 ANRO IV rank near 13.31% 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 83.40%. 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 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. 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. Short-premium structures like a cash-secured put on ANRO carry tail risk when realized volatility exceeds the implied move; review historical ANRO earnings reactions and macro stress periods before sizing. Always rebuild the position from current ANRO chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ANRO?
- A cash-secured put on ANRO is the cash-secured put strategy applied to ANRO (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 ANRO stock trading near $22.96, 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 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 ANRO cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 83.40%), 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 cash-secured put?
- The breakeven for the ANRO 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 ANRO market-implied 1-standard-deviation expected move is approximately 23.91%; 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 ANRO?
- Cash-secured puts on ANRO earn premium while a trader waits to acquire ANRO stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ANRO.
- How does current ANRO implied volatility affect this cash-secured put?
- ANRO ATM IV is at 83.40% with IV rank near 13.31%, 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.