CATX Bear Put Spread Strategy
CATX (Perspective Therapeutics, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on AMEX.
Perspective Therapeutics, Inc., including its various operations, specializes in the comprehensive lifecycle – from development and manufacturing to sales and marketing – of radiopharmaceutical products and medical devices. These advanced solutions are designed to treat cancer and other serious malignant conditions, serving markets both within the United States and globally. A flagship product offered by the company is its CS-1 Cesium-131 brachytherapy seeds. This treatment is specifically utilized for a broad range of cancers, such as those impacting the prostate, brain, lung, head and neck regions, gynecological system, pelvic/abdominal areas, and colorectal tissues. The company distributes its products to medical facilities and physician practices equipped with surgical capabilities. The entity originally operated under the name Isoray, Inc., before officially adopting the name Perspective Therapeutics, Inc. in February 2022.
CATX (Perspective Therapeutics, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $364.9M, a beta of 1.78 versus the broader market, a 52-week range of 1.96-6.16, average daily share volume of 1.6M, a public-listing history dating back to 2005, approximately 165 full-time employees. These structural characteristics shape how CATX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.78 indicates CATX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bear put spread on CATX?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
CATX snapshot
As of August 14, 2026, spot at $3.21, ATM IV 359.90%, IV rank 85.14%, expected move 103.18%. The bear put spread on CATX below is built from the 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 bear put spread structure on CATX specifically: CATX IV at 359.90% is rich versus its 1-year range, which makes a premium-buying CATX bear put spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 103.18% (roughly $3.31 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 CATX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CATX should anchor to the underlying notional of $3.21 per share and to the trader's directional view on CATX stock.
CATX bear put spread setup
The CATX bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CATX at $3.21 on that close, the first option leg uses a $3.21 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CATX 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 CATX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $3.21 | N/A |
| Sell 1 | Put | $3.05 | N/A |
CATX bear put spread 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 equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
CATX bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CATX. 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 bear put spread on CATX
Bear put spreads on CATX reduce the cost of a bearish CATX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CATX thesis for this bear put spread
The market-implied 1-standard-deviation range for CATX extends from approximately $-0.10 on the downside to $6.52 on the upside. A CATX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CATX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CATX IV rank near 85.14% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on CATX at 359.90%. As a Healthcare name, CATX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CATX-specific events.
CATX bear put spread positions are structurally moderately 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. CATX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CATX alongside the broader basket even when CATX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CATX 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 CATX chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CATX?
- A bear put spread on CATX is the bear put spread strategy applied to CATX (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With CATX stock at $3.21 on the most recent close, the strikes shown on this page are snapped to the nearest listed CATX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CATX bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the CATX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 359.90%), 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 CATX bear put spread?
- The breakeven for the CATX bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 CATX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 103.18%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on CATX?
- Bear put spreads on CATX reduce the cost of a bearish CATX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current CATX implied volatility affect this bear put spread?
- CATX ATM IV is at 359.90% with IV rank near 85.14%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.