CATX Long Put Strategy
CATX (Perspective Therapeutics, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on AMEX.
Perspective Therapeutics, Inc., together with its subsidiaries, develops, manufactures, sells, and markets isotope-based medical products and devices for the treatment of cancer and other malignant diseases in the United States and internationally. The company offers CS-1 Cesium-131 brachytherapy seeds for the treatment of prostate, brain, lung, head and neck, gynecological, pelvic/abdominal, and colorectal cancers. It sells its products to facilities or physician practices that utilize various surgical facilities. The company was formerly known as Isoray, Inc. and changed its name to Perspective Therapeutics, Inc. in February 2022. Perspective Therapeutics, Inc. was founded in 1998 and is based in Richland, Washington.
CATX (Perspective Therapeutics, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $295.1M, a beta of 1.76 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 138 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 1.76 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 long put on CATX?
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.
Current CATX snapshot
As of May 15, 2026, spot at $3.83, ATM IV 249.70%, IV rank 57.68%, expected move 71.59%. The long put on CATX 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 long put structure on CATX specifically: CATX IV at 249.70% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 71.59% (roughly $2.74 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 CATX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CATX should anchor to the underlying notional of $3.83 per share and to the trader's directional view on CATX stock.
CATX long put setup
The CATX long put 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 near $3.83, the first option leg uses a $3.83 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 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 CATX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $3.83 | N/A |
CATX long put 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CATX long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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 long put on CATX
Long puts on CATX hedge an existing long CATX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CATX exposure being hedged.
CATX thesis for this long put
The market-implied 1-standard-deviation range for CATX extends from approximately $1.09 on the downside to $6.57 on the upside. A CATX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CATX position with one put per 100 shares held. Current CATX IV rank near 57.68% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on CATX should anchor more to the directional view and the expected-move geometry. 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 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. 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 long put 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 long put on CATX?
- A long put on CATX is the long put strategy applied to CATX (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 CATX stock trading near $3.83, the strikes shown on this page are snapped to the nearest listed CATX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CATX 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 CATX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 249.70%), 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 long put?
- The breakeven for the CATX long put 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 CATX market-implied 1-standard-deviation expected move is approximately 71.59%; 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 CATX?
- Long puts on CATX hedge an existing long CATX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CATX exposure being hedged.
- How does current CATX implied volatility affect this long put?
- CATX ATM IV is at 249.70% with IV rank near 57.68%, 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.