CHRS Bear Put Spread Strategy
CHRS (Coherus Oncology, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Coherus Oncology, Inc. is a biopharmaceutical company primarily focused on the research, development, and commercialization of cancer immunotherapies across the United States. The company's commercialized products include several biosimilar therapies. These comprise UDENYCA, a long-acting granulocyte-colony stimulating factor biosimilar to Neulasta; YUSIMRY, an equivalent to Humira, prescribed for inflammatory conditions like rheumatoid arthritis, psoriasis, and Crohn's disease, which are characterized by heightened tumor necrosis factor (TNF) production; and CIMERLI, a Lucentis biosimilar aimed at treating specific ophthalmic disorders such as neovascular age-related macular degeneration, macular edema, and diabetic retinopathy. Beyond its commercial products, Coherus maintains a robust pipeline of investigational immunotherapies. This includes LOQTORZI, a novel, next-generation programmed death receptor-1 (PD-1) inhibitor; Casdozokitug, a recombinant human immunoglobulin G1 (IgG1) monoclonal antibody designed to target interleukin 27; CHS-114, a highly specific human afucosylated IgG1 monoclonal antibody targeting a chemokine receptor prevalent on Treg cells in the tumor microenvironment (TME); CHS-1000, an anti-ILT4 monoclonal antibody aimed at solid tumors; and GSK4381562, an antibody engineered to target CD112R on tumor cells. To support its endeavors, the company has forged several strategic alliances.
CHRS (Coherus Oncology, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $183.6M, a beta of 0.96 versus the broader market, a 52-week range of 0.72-2.616, average daily share volume of 1.1M, a public-listing history dating back to 2014, approximately 228 full-time employees. These structural characteristics shape how CHRS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.96 places CHRS 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 CHRS?
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 CHRS snapshot
As of June 30, 2026, spot at $1.42, ATM IV 214.30%, IV rank 49.30%, expected move 61.44%. The bear put spread on CHRS 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 CHRS specifically: CHRS IV at 214.30% 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 61.44% (roughly $0.87 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 CHRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHRS should anchor to the underlying notional of $1.42 per share and to the trader's directional view on CHRS stock.
CHRS bear put spread setup
The CHRS 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 CHRS near $1.42, the first option leg uses a $1.42 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHRS 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 CHRS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $1.42 | N/A |
| Sell 1 | Put | $1.35 | N/A |
CHRS 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.
CHRS bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CHRS. 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 CHRS
Bear put spreads on CHRS reduce the cost of a bearish CHRS stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CHRS thesis for this bear put spread
The market-implied 1-standard-deviation range for CHRS extends from approximately $0.55 on the downside to $2.29 on the upside. A CHRS bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CHRS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CHRS IV rank near 49.30% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on CHRS should anchor more to the directional view and the expected-move geometry. As a Healthcare name, CHRS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHRS-specific events.
CHRS 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. CHRS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CHRS alongside the broader basket even when CHRS-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CHRS 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 CHRS chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CHRS?
- A bear put spread on CHRS is the bear put spread strategy applied to CHRS (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 CHRS stock trading near $1.42, the strikes shown on this page are snapped to the nearest listed CHRS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CHRS 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 CHRS bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 214.30%), 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 CHRS bear put spread?
- The breakeven for the CHRS 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 CHRS market-implied 1-standard-deviation expected move is approximately 61.44%; 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 CHRS?
- Bear put spreads on CHRS reduce the cost of a bearish CHRS 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 CHRS implied volatility affect this bear put spread?
- CHRS ATM IV is at 214.30% with IV rank near 49.30%, 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.