CBLL Bear Put Spread Strategy
CBLL (CeriBell, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
CeriBell, Inc. specializes in pioneering artificial intelligence (AI)-powered electroencephalography (EEG) solutions designed for the immediate diagnosis and treatment of neurological conditions directly at the patient's bedside. The company's primary offering is the Ceribell System, an innovative, on-site EEG platform engineered to fulfill crucial, previously unmet requirements for patients in urgent medical environments. Beyond the core system, CeriBell also provides single-use EEG headbands and compact, battery-powered recording devices. Originally established in 2014 as Brain Stethoscope, Inc., the company underwent a name change to CeriBell, Inc. in August 2015. Its headquarters are located in Sunnyvale, California.
CBLL (CeriBell, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $758.1M, a beta of 0.84 versus the broader market, a 52-week range of 10.85-24.33, average daily share volume of 304K, a public-listing history dating back to 2024, approximately 281 full-time employees. These structural characteristics shape how CBLL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.84 places CBLL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on CBLL?
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.
Current CBLL snapshot
As of June 30, 2026, spot at $19.50, ATM IV 100.60%, IV rank 23.64%, expected move 28.84%. The bear put spread on CBLL 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 17-day expiry.
Why this bear put spread structure on CBLL specifically: CBLL IV at 100.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a CBLL bear put spread, with a market-implied 1-standard-deviation move of approximately 28.84% (roughly $5.62 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CBLL expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBLL should anchor to the underlying notional of $19.50 per share and to the trader's directional view on CBLL stock.
CBLL bear put spread setup
The CBLL 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 CBLL near $19.50, the first option leg uses a $19.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBLL chain at a 17-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 CBLL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $19.50 | N/A |
| Sell 1 | Put | $18.53 | N/A |
CBLL 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.
CBLL bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CBLL. 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 CBLL
Bear put spreads on CBLL reduce the cost of a bearish CBLL stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CBLL thesis for this bear put spread
The market-implied 1-standard-deviation range for CBLL extends from approximately $13.88 on the downside to $25.12 on the upside. A CBLL bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CBLL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CBLL IV rank near 23.64% 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 CBLL at 100.60%. As a Healthcare name, CBLL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBLL-specific events.
CBLL 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. CBLL positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBLL alongside the broader basket even when CBLL-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CBLL 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 CBLL chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CBLL?
- A bear put spread on CBLL is the bear put spread strategy applied to CBLL (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 CBLL stock trading near $19.50, the strikes shown on this page are snapped to the nearest listed CBLL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CBLL 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 CBLL bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 100.60%), 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 CBLL bear put spread?
- The breakeven for the CBLL bear put spread 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 CBLL market-implied 1-standard-deviation expected move is approximately 28.84%; 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 CBLL?
- Bear put spreads on CBLL reduce the cost of a bearish CBLL 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 CBLL implied volatility affect this bear put spread?
- CBLL ATM IV is at 100.60% with IV rank near 23.64%, 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.