ASRT Collar Strategy
ASRT (Assertio Holdings, Inc.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.
Assertio Holdings, Inc., a specialty pharmaceutical company, provides medicines in the areas of neurology, hospital, and pain and inflammation. Its pharmaceutical products include INDOCIN, an oral solution and a suppository form for the treatment of moderate to severe rheumatoid arthritis, including acute flares of chronic disease; ankylosing spondylitis and osteoarthritis; and acute painful shoulder and gouty arthritis. It also provides CAMBIA, a non-steroidal anti-inflammatory drug (NSAID) for the treatment of migraine, nausea, photophobia, and phonophobia; Zipsor, a NSAID for relief of mild to moderate acute pain; SPRIX, a NSAID for the short term management of moderate to moderately severe pain that requires analgesia at the opioid level; and Otrexup, a single-dose auto-injector containing a prescription medicine and methotrexate that is used to treat adults with severe, active rheumatoid arthritis, and children with active polyarticular juvenile idiopathic arthritis. The company was formerly known as Assertio Therapeutics, Inc. and changed its name to Assertio Holdings, Inc. in May 2020. Assertio Holdings, Inc. was incorporated in 1995 and is headquartered in Lake Forest, Illinois.
ASRT (Assertio Holdings, Inc.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $150.7M, a beta of 0.45 versus the broader market, a 52-week range of 8.61-23.36, average daily share volume of 227K, a public-listing history dating back to 1997, approximately 58 full-time employees. These structural characteristics shape how ASRT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.45 indicates ASRT has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a collar on ASRT?
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.
Current ASRT snapshot
As of May 15, 2026, spot at $23.34, ATM IV 113.80%, IV rank 19.65%, expected move 32.63%. The collar on ASRT 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 collar structure on ASRT specifically: IV regime affects collar pricing on both sides; compressed ASRT IV at 113.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 32.63% (roughly $7.61 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 ASRT expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASRT should anchor to the underlying notional of $23.34 per share and to the trader's directional view on ASRT stock.
ASRT collar setup
The ASRT 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 ASRT near $23.34, the first option leg uses a $24.51 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASRT 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 ASRT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $23.34 | long |
| Sell 1 | Call | $24.51 | N/A |
| Buy 1 | Put | $22.17 | N/A |
ASRT 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.
ASRT collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ASRT. 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 ASRT
Collars on ASRT hedge an existing long ASRT 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.
ASRT thesis for this collar
The market-implied 1-standard-deviation range for ASRT extends from approximately $15.73 on the downside to $30.95 on the upside. A ASRT collar hedges an existing long ASRT 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 ASRT IV rank near 19.65% 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 ASRT at 113.80%. As a Healthcare name, ASRT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASRT-specific events.
ASRT 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. ASRT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASRT alongside the broader basket even when ASRT-specific fundamentals are unchanged. Always rebuild the position from current ASRT chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ASRT?
- A collar on ASRT is the collar strategy applied to ASRT (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 ASRT stock trading near $23.34, the strikes shown on this page are snapped to the nearest listed ASRT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ASRT 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 ASRT collar priced from the end-of-day chain at a 30-day expiry (ATM IV 113.80%), 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 ASRT collar?
- The breakeven for the ASRT collar 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 ASRT market-implied 1-standard-deviation expected move is approximately 32.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ASRT?
- Collars on ASRT hedge an existing long ASRT 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 ASRT implied volatility affect this collar?
- ASRT ATM IV is at 113.80% with IV rank near 19.65%, 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.