ATNM Collar Strategy
ATNM (Actinium Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on AMEX.
Actinium Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing therapies for bone marrow transplant (BMT) or a type of cellular therapy, and for other adoptive cell therapies. Its lead product candidate, I-131 apamistamab (Iomab-B) that is in a pivotal Phase III clinical trial for elderly relapsed or refractory acute myeloid leukemia trial for BMT conditioning; and a Phase I study with a CD19- targeted CAR T-cell therapy with memorial sloan kettering cancer center. The company also offers clinical and preclinical development programs that utilize multiple isotopes, including Actinium-225, Iodine-131, and Lutetium-177 directed at multiple validated cancer targets, including CD45, CD33, CD38, CD47, HER2, and HER3 for targeted conditioning prior to cell and gene therapies, such as bone marrow transplant and cancer therapeutics as single agents or in combination with other therapeutic modalities. It has collaboration with Astellas Pharma, Inc. to develop theranostics for solid tumor indications; EpicentRx, Inc that focuses on a novel CD47 immunotherapy targeted radiotherapy; and AVEO Oncology that focuses on developing a HER3 targeting ARC for solid tumors. The company was incorporated in 2000 and is based in New York, New York.
ATNM (Actinium Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $40.5M, a beta of -0.11 versus the broader market, a 52-week range of 0.952-1.945, average daily share volume of 182K, a public-listing history dating back to 2012, approximately 31 full-time employees. These structural characteristics shape how ATNM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.11 indicates ATNM 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 ATNM?
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 ATNM snapshot
As of May 15, 2026, spot at $1.25, ATM IV 33.50%, IV rank 2.75%, expected move 9.60%. The collar on ATNM 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 ATNM specifically: IV regime affects collar pricing on both sides; compressed ATNM IV at 33.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.60% (roughly $0.12 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 ATNM expiries trade a higher absolute premium for lower per-day decay. Position sizing on ATNM should anchor to the underlying notional of $1.25 per share and to the trader's directional view on ATNM stock.
ATNM collar setup
The ATNM 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 ATNM near $1.25, the first option leg uses a $1.31 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ATNM 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 ATNM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $1.25 | long |
| Sell 1 | Call | $1.31 | N/A |
| Buy 1 | Put | $1.19 | N/A |
ATNM 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.
ATNM collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ATNM. 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 ATNM
Collars on ATNM hedge an existing long ATNM 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.
ATNM thesis for this collar
The market-implied 1-standard-deviation range for ATNM extends from approximately $1.13 on the downside to $1.37 on the upside. A ATNM collar hedges an existing long ATNM 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 ATNM IV rank near 2.75% 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 ATNM at 33.50%. As a Healthcare name, ATNM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ATNM-specific events.
ATNM 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. ATNM positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ATNM alongside the broader basket even when ATNM-specific fundamentals are unchanged. Always rebuild the position from current ATNM chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ATNM?
- A collar on ATNM is the collar strategy applied to ATNM (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 ATNM stock trading near $1.25, the strikes shown on this page are snapped to the nearest listed ATNM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ATNM 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 ATNM collar priced from the end-of-day chain at a 30-day expiry (ATM IV 33.50%), 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 ATNM collar?
- The breakeven for the ATNM 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 ATNM market-implied 1-standard-deviation expected move is approximately 9.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ATNM?
- Collars on ATNM hedge an existing long ATNM 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 ATNM implied volatility affect this collar?
- ATNM ATM IV is at 33.50% with IV rank near 2.75%, 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.