BLLN Collar Strategy
BLLN (BillionToOne, Inc.), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.
BillionToOne, Inc., a precision diagnostics company, quantifies biology to create molecular diagnostics. The company provides molecular counting platform, which is designed to detect and measure DNA molecules at the single-count level to help enhance disease detection. It offers UNITY Complete, a non-invasive prenatal screen that assesses fetal risk for aneuploidies, recessive conditions, and fetal antigens from a maternal blood draw; Northstar Select, a liquid biopsy test that provides a list of mutations that are present in the tumor and types of mutations detected that include deletions, insertions, and point mutations; and Northstar Response, a test that provides longitudinal determination of cancer burden through methylation assessment. The company was incorporated in 2016 and is headquartered in Menlo Park, California.
BLLN (BillionToOne, Inc.) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $4.17B, a trailing P/E of 165.07, a beta of -0.05 versus the broader market, a 52-week range of 61.96-138.7, average daily share volume of 449K, a public-listing history dating back to 2025, approximately 620 full-time employees. These structural characteristics shape how BLLN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.05 indicates BLLN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 165.07 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 BLLN?
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 BLLN snapshot
As of May 15, 2026, spot at $83.81, ATM IV 81.50%, expected move 23.37%. The collar on BLLN 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 BLLN specifically: IV rank is unavailable in the current snapshot, so regime-based timing for BLLN is inferred from ATM IV at 81.50% alone, with a market-implied 1-standard-deviation move of approximately 23.37% (roughly $19.58 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 BLLN expiries trade a higher absolute premium for lower per-day decay. Position sizing on BLLN should anchor to the underlying notional of $83.81 per share and to the trader's directional view on BLLN stock.
BLLN collar setup
The BLLN 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 BLLN near $83.81, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BLLN 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 BLLN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $83.81 | long |
| Sell 1 | Call | $90.00 | $5.45 |
| Buy 1 | Put | $80.00 | $6.75 |
BLLN collar risk and reward
- Net Premium / Debit
- -$8,511.00
- Max Profit (per contract)
- $489.00
- Max Loss (per contract)
- -$511.00
- Breakeven(s)
- $85.11
- Risk / Reward Ratio
- 0.957
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.
BLLN collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on BLLN. 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% | -$511.00 |
| $18.54 | -77.9% | -$511.00 |
| $37.07 | -55.8% | -$511.00 |
| $55.60 | -33.7% | -$511.00 |
| $74.13 | -11.6% | -$511.00 |
| $92.66 | +10.6% | +$489.00 |
| $111.19 | +32.7% | +$489.00 |
| $129.72 | +54.8% | +$489.00 |
| $148.25 | +76.9% | +$489.00 |
| $166.78 | +99.0% | +$489.00 |
When traders use collar on BLLN
Collars on BLLN hedge an existing long BLLN 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.
BLLN thesis for this collar
The market-implied 1-standard-deviation range for BLLN extends from approximately $64.23 on the downside to $103.39 on the upside. A BLLN collar hedges an existing long BLLN 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. As a Healthcare name, BLLN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BLLN-specific events.
BLLN 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. BLLN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BLLN alongside the broader basket even when BLLN-specific fundamentals are unchanged. Always rebuild the position from current BLLN chain quotes before placing a trade.
Frequently asked questions
- What is a collar on BLLN?
- A collar on BLLN is the collar strategy applied to BLLN (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 BLLN stock trading near $83.81, the strikes shown on this page are snapped to the nearest listed BLLN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BLLN 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 BLLN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 81.50%), the computed maximum profit is $489.00 per contract and the computed maximum loss is -$511.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BLLN collar?
- The breakeven for the BLLN collar priced on this page is roughly $85.11 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 BLLN market-implied 1-standard-deviation expected move is approximately 23.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on BLLN?
- Collars on BLLN hedge an existing long BLLN 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 BLLN implied volatility affect this collar?
- Current BLLN ATM IV is 81.50%; IV rank context is unavailable in the current snapshot.