AXSM Cash-Secured Put Strategy
AXSM (Axsome Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Axsome Therapeutics, Inc. is a biopharmaceutical company dedicated to discovering and advancing innovative treatments for a range of central nervous system (CNS) disorders within the United States. Its robust product pipeline features several promising candidates, including: AXS-05, an investigational therapy currently being developed for major depressive disorder and treatment-resistant depression. This compound is also in Phase III clinical evaluation for Alzheimer's disease agitation and has successfully finished Phase II trials investigating its use for smoking cessation. AXS-07, a novel, orally administered, rapidly-acting investigational medicine that employs multiple mechanisms of action. It has concluded two Phase III studies for the acute treatment of migraine attacks. AXS-12, a selective and potent norepinephrine reuptake inhibitor, which is presently undergoing a Phase III trial for narcolepsy.
AXSM (Axsome Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $7.45B, a beta of 0.60 versus the broader market, a 52-week range of 123-260.19, average daily share volume of 817K, a public-listing history dating back to 2015, approximately 1K full-time employees. These structural characteristics shape how AXSM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.60 indicates AXSM 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 cash-secured put on AXSM?
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.
AXSM snapshot
As of November 13, 2026, spot at $141.30, ATM IV 54.10%, IV rank 34.27%, expected move 15.51%. The cash-secured put on AXSM below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this cash-secured put structure on AXSM specifically: AXSM IV at 54.10% is mid-range versus its 1-year history, so the credit collected on a AXSM cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.51% (roughly $21.92 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AXSM expiries trade a higher absolute premium for lower per-day decay. Position sizing on AXSM should anchor to the underlying notional of $141.30 per share and to the trader's directional view on AXSM stock.
AXSM cash-secured put setup
The AXSM cash-secured put below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AXSM at $141.30 on that close, the first option leg uses a $135.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AXSM chain at a 35-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 AXSM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $135.00 | $6.50 |
AXSM cash-secured put risk and reward
- Net Premium / Debit
- +$650.00
- Max Profit (per contract)
- $650.00
- Max Loss (per contract)
- -$12,849.00
- Breakeven(s)
- $128.50
- Risk / Reward Ratio
- 0.051
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
AXSM cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on AXSM. 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 | -100.0% | -$12,849.00 |
| $31.25 | -77.9% | -$9,724.89 |
| $62.49 | -55.8% | -$6,600.78 |
| $93.73 | -33.7% | -$3,476.67 |
| $124.97 | -11.6% | -$352.56 |
| $156.22 | +10.6% | +$650.00 |
| $187.46 | +32.7% | +$650.00 |
| $218.70 | +54.8% | +$650.00 |
| $249.94 | +76.9% | +$650.00 |
| $281.18 | +99.0% | +$650.00 |
When traders use cash-secured put on AXSM
Cash-secured puts on AXSM earn premium while a trader waits to acquire AXSM stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning AXSM.
AXSM thesis for this cash-secured put
The market-implied 1-standard-deviation range for AXSM extends from approximately $119.38 on the downside to $163.22 on the upside. A AXSM cash-secured put lets a trader earn premium while waiting to acquire AXSM 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 AXSM IV rank near 34.27% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on AXSM should anchor more to the directional view and the expected-move geometry. As a Healthcare name, AXSM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AXSM-specific events.
AXSM 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. AXSM positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AXSM alongside the broader basket even when AXSM-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on AXSM carry tail risk when realized volatility exceeds the implied move; review historical AXSM earnings reactions and macro stress periods before sizing. Always rebuild the position from current AXSM chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on AXSM?
- A cash-secured put on AXSM is the cash-secured put strategy applied to AXSM (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 AXSM stock at $141.30 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed AXSM chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AXSM 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 AXSM cash-secured put priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.10%), the computed maximum profit is $650.00 per contract and the computed maximum loss is -$12,849.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AXSM cash-secured put?
- The breakeven for the AXSM cash-secured put priced on this page is roughly $128.50 at expiration, derived from the November 13, 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 AXSM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.51%; 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 AXSM?
- Cash-secured puts on AXSM earn premium while a trader waits to acquire AXSM stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning AXSM.
- How does current AXSM implied volatility affect this cash-secured put?
- AXSM ATM IV is at 54.10% with IV rank near 34.27%, 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.