ASTH Collar Strategy
ASTH (Astrana Health, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
Astrana Health, Inc., Inc., a physician-centric technology-powered healthcare management company, provides medical care services in the United States. It operates through three segments: Care Partners, Care Delivery, and Care Enablement. The company is leveraging its proprietary population health management and healthcare delivery platform, operates an integrated, value-based healthcare model which empowers the providers in its network to deliver care to its patients. It offers care coordination services to patients, families, primary care physicians, specialists, acute care hospitals, alternative sites of inpatient care, physician groups, and health plans. The company's physician network consists of primary care physicians, specialist physicians and extenders, and hospitalists. It serves patients, primarily covered by private or public insurance, such as Medicare, Medicaid, and health maintenance organization plans; and non-insured patients.
ASTH (Astrana Health, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $1.97B, a trailing P/E of 64.25, a beta of 0.99 versus the broader market, a 52-week range of 18.08-39.93, average daily share volume of 491K, 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 0.99 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 64.25 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 collar on ASTH?
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 ASTH snapshot
As of May 15, 2026, spot at $38.06, ATM IV 53.90%, IV rank 32.96%, expected move 15.45%. The collar 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 34-day expiry.
Why this collar structure on ASTH specifically: IV regime affects collar pricing on both sides; mid-range ASTH IV at 53.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.45% (roughly $5.88 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 ASTH expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASTH should anchor to the underlying notional of $38.06 per share and to the trader's directional view on ASTH stock.
ASTH collar setup
The ASTH 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 ASTH near $38.06, the first option leg uses a $39.96 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 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 ASTH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $38.06 | long |
| Sell 1 | Call | $39.96 | N/A |
| Buy 1 | Put | $36.16 | N/A |
ASTH 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.
ASTH collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on ASTH
Collars on ASTH hedge an existing long ASTH 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.
ASTH thesis for this collar
The market-implied 1-standard-deviation range for ASTH extends from approximately $32.18 on the downside to $43.94 on the upside. A ASTH collar hedges an existing long ASTH 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 ASTH IV rank near 32.96% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar 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 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. 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. Always rebuild the position from current ASTH chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ASTH?
- A collar on ASTH is the collar strategy applied to ASTH (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 ASTH stock trading near $38.06, 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 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 ASTH collar priced from the end-of-day chain at a 30-day expiry (ATM IV 53.90%), 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 collar?
- The breakeven for the ASTH 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 ASTH market-implied 1-standard-deviation expected move is approximately 15.45%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ASTH?
- Collars on ASTH hedge an existing long ASTH 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 ASTH implied volatility affect this collar?
- ASTH ATM IV is at 53.90% with IV rank near 32.96%, 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.