AUPH Long Put Strategy
AUPH (Aurinia Pharmaceuticals Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Aurinia Pharmaceuticals Inc. operates as a commercial-stage biopharmaceutical company, specializing in the development and commercialization of innovative therapies. Its core mission is to address a variety of diseases for which current medical solutions are inadequate, serving patient populations across the United States and internationally. The company's flagship product is LUPKYNIS, an approved treatment designed for adult individuals suffering from active lupus nephritis. Furthermore, Aurinia maintains a strategic collaboration and licensing agreement with Otsuka Pharmaceutical Co., Ltd. The firm's main corporate office is located in Victoria, Canada.
AUPH (Aurinia Pharmaceuticals Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.99B, a trailing P/E of 6.41, a beta of 1.40 versus the broader market, a 52-week range of 10.34-19.25, average daily share volume of 1.4M, a public-listing history dating back to 2014, approximately 128 full-time employees. These structural characteristics shape how AUPH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.40 indicates AUPH has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 6.41 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a long put on AUPH?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
AUPH snapshot
As of August 14, 2026, spot at $15.45, ATM IV 37.60%, IV rank 19.43%, expected move 10.78%. The long put on AUPH below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.
Why this long put structure on AUPH specifically: AUPH IV at 37.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a AUPH long put, with a market-implied 1-standard-deviation move of approximately 10.78% (roughly $1.67 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AUPH expiries trade a higher absolute premium for lower per-day decay. Position sizing on AUPH should anchor to the underlying notional of $15.45 per share and to the trader's directional view on AUPH stock.
AUPH long put setup
The AUPH long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AUPH at $15.45 on that close, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AUPH chain at a 7-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 AUPH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $15.00 | $0.15 |
AUPH long put risk and reward
- Net Premium / Debit
- -$15.00
- Max Profit (per contract)
- $1,484.00
- Max Loss (per contract)
- -$15.00
- Breakeven(s)
- $14.85
- Risk / Reward Ratio
- 98.933
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
AUPH long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on AUPH. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | +$1,484.00 |
| $3.42 | -77.8% | +$1,142.50 |
| $6.84 | -55.7% | +$801.01 |
| $10.25 | -33.6% | +$459.51 |
| $13.67 | -11.5% | +$118.01 |
| $17.08 | +10.6% | -$15.00 |
| $20.50 | +32.7% | -$15.00 |
| $23.91 | +54.8% | -$15.00 |
| $27.33 | +76.9% | -$15.00 |
| $30.74 | +99.0% | -$15.00 |
When traders use long put on AUPH
Long puts on AUPH hedge an existing long AUPH stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying AUPH exposure being hedged.
AUPH thesis for this long put
The market-implied 1-standard-deviation range for AUPH extends from approximately $13.78 on the downside to $17.12 on the upside. A AUPH long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long AUPH position with one put per 100 shares held. Current AUPH IV rank near 19.43% 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 AUPH at 37.60%. As a Healthcare name, AUPH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AUPH-specific events.
AUPH long put positions are structurally bearish; 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. AUPH positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AUPH alongside the broader basket even when AUPH-specific fundamentals are unchanged. Long-premium structures like a long put on AUPH are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current AUPH chain quotes before placing a trade.
Frequently asked questions
- What is a long put on AUPH?
- A long put on AUPH is the long put strategy applied to AUPH (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With AUPH stock at $15.45 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed AUPH chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AUPH long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the AUPH long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.60%), the computed maximum profit is $1,484.00 per contract and the computed maximum loss is -$15.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AUPH long put?
- The breakeven for the AUPH long put priced on this page is roughly $14.85 at expiration, derived from the August 14, 2026 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 AUPH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.78%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on AUPH?
- Long puts on AUPH hedge an existing long AUPH stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying AUPH exposure being hedged.
- How does current AUPH implied volatility affect this long put?
- AUPH ATM IV is at 37.60% with IV rank near 19.43%, 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.