ASMB Collar Strategy
ASMB (Assembly Biosciences, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Assembly Biosciences, Inc. is a biotechnology firm in the clinical development phase, dedicated to identifying and advancing innovative therapeutic solutions for hepatitis B virus (HBV) infections within the United States. Its primary drug candidate, Vebicorvir, has successfully concluded Phase 2 clinical trials for individuals with chronic HBV. The company's development pipeline also features ABI-H3733, which has finished Phase 1a clinical studies, and ABI-4334, currently in pre-clinical assessment for HBV treatment. Assembly Biosciences has forged collaborative partnerships, including agreements with BeiGene, Ltd. and Arbutus Biopharma Corporation, as well as with Antios Therapeutics, Inc., to explore a triple-combination treatment strategy for chronic hepatitis B virus. Additionally, it maintains strategic licensing arrangements with Indiana University Research and Technology Corporation and Door Pharmaceuticals, LLC. Established in 2005, the company was formerly known as Ventrus Biosciences, Inc. before rebranding to Assembly Biosciences, Inc. in June 2014, and its headquarters are located in South San Francisco, California.
ASMB (Assembly Biosciences, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $653.0M, a beta of 1.09 versus the broader market, a 52-week range of 20.23-39.71, average daily share volume of 192K, a public-listing history dating back to 2010, approximately 73 full-time employees. These structural characteristics shape how ASMB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.09 places ASMB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on ASMB?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
ASMB snapshot
As of August 14, 2026, spot at $32.13, ATM IV 76.60%, IV rank 14.41%, expected move 21.96%. The collar on ASMB below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this collar structure on ASMB specifically: IV regime affects collar pricing on both sides; compressed ASMB IV at 76.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 21.96% (roughly $7.06 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ASMB expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASMB should anchor to the underlying notional of $32.13 per share and to the trader's directional view on ASMB stock.
ASMB collar setup
The ASMB collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ASMB at $32.13 on that close, the first option leg uses a $33.74 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASMB chain at a 35-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 ASMB shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $32.13 | long |
| Sell 1 | Call | $33.74 | N/A |
| Buy 1 | Put | $30.52 | N/A |
ASMB collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
ASMB collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ASMB. 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 collar on ASMB
Collars on ASMB hedge an existing long ASMB stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
ASMB thesis for this collar
The market-implied 1-standard-deviation range for ASMB extends from approximately $25.07 on the downside to $39.19 on the upside. A ASMB collar hedges an existing long ASMB position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current ASMB IV rank near 14.41% 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 ASMB at 76.60%. As a Healthcare name, ASMB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASMB-specific events.
ASMB collar positions are structurally neutral (protective); 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. ASMB positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASMB alongside the broader basket even when ASMB-specific fundamentals are unchanged. Always rebuild the position from current ASMB chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ASMB?
- A collar on ASMB is the collar strategy applied to ASMB (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With ASMB stock at $32.13 on the most recent close, the strikes shown on this page are snapped to the nearest listed ASMB chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ASMB collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the ASMB collar priced from the end-of-day chain at a 30-day expiry (ATM IV 76.60%), 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 ASMB collar?
- The breakeven for the ASMB collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ASMB market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ASMB?
- Collars on ASMB hedge an existing long ASMB stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current ASMB implied volatility affect this collar?
- ASMB ATM IV is at 76.60% with IV rank near 14.41%, 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.