ASTH Cash-Secured Put Strategy
ASTH (Astrana Health, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
Astrana Health, Inc., which rebranded from Apollo Medical Holdings, Inc. in February 2024, is a healthcare management firm based in Alhambra, California, founded in 1985. This company delivers medical services throughout the United States, operating with a physician-centered approach powered by advanced technology. Its operations are structured across three distinct divisions: Care Partners, Care Delivery, and Care Enablement. Astrana Health utilizes its exclusive platform for population health management and healthcare delivery to implement an integrated, value-based care model. This strategic approach empowers the healthcare providers within its network to offer high-quality care to their patients. The organization provides extensive care coordination services to a broad spectrum of stakeholders, including patients, their families, primary care physicians, specialists, acute care hospitals, other inpatient facilities, physician groups, and health plans.
ASTH (Astrana Health, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $2.21B, a trailing P/E of 71.93, a beta of 0.94 versus the broader market, a 52-week range of 18.08-44.59, average daily share volume of 519K, a public-listing history dating back to 2009, approximately 2K full-time employees. These structural characteristics shape how ASTH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.94 places ASTH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 71.93 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a cash-secured put on ASTH?
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 ASTH snapshot
As of June 29, 2026, spot at $44.84, ATM IV 51.90%, IV rank 31.02%, expected move 14.88%. The cash-secured put on ASTH 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 18-day expiry.
Why this cash-secured put structure on ASTH specifically: ASTH IV at 51.90% is mid-range versus its 1-year history, so the credit collected on a ASTH cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 14.88% (roughly $6.67 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ASTH expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASTH should anchor to the underlying notional of $44.84 per share and to the trader's directional view on ASTH stock.
ASTH cash-secured put setup
The ASTH 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 ASTH near $44.84, the first option leg uses a $42.60 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASTH chain at a 18-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 ASTH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $42.60 | N/A |
ASTH 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.
ASTH cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ASTH. 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 ASTH
Cash-secured puts on ASTH earn premium while a trader waits to acquire ASTH stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ASTH.
ASTH thesis for this cash-secured put
The market-implied 1-standard-deviation range for ASTH extends from approximately $38.17 on the downside to $51.51 on the upside. A ASTH cash-secured put lets a trader earn premium while waiting to acquire ASTH 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 ASTH IV rank near 31.02% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on ASTH should anchor more to the directional view and the expected-move geometry. As a Healthcare name, ASTH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASTH-specific events.
ASTH 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. ASTH positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASTH alongside the broader basket even when ASTH-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ASTH carry tail risk when realized volatility exceeds the implied move; review historical ASTH earnings reactions and macro stress periods before sizing. Always rebuild the position from current ASTH chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ASTH?
- A cash-secured put on ASTH is the cash-secured put strategy applied to ASTH (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 ASTH stock trading near $44.84, the strikes shown on this page are snapped to the nearest listed ASTH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ASTH 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 ASTH cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 51.90%), 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 ASTH cash-secured put?
- The breakeven for the ASTH 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 ASTH market-implied 1-standard-deviation expected move is approximately 14.88%; 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 ASTH?
- Cash-secured puts on ASTH earn premium while a trader waits to acquire ASTH stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ASTH.
- How does current ASTH implied volatility affect this cash-secured put?
- ASTH ATM IV is at 51.90% with IV rank near 31.02%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.