CHRS Cash-Secured Put Strategy

CHRS (Coherus Oncology, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Coherus Oncology, Inc., a biopharmaceutical company, researches, develops, and commercializes immunotherapies to treat cancer in the United States. The company develops UDENYCA, a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor; LOQTORZI, a novel next-generation programmed death receptor-1 inhibitor; and Casdozokitug, an investigational recombinant human immunoglobulin isotype (IgG1) monoclonal antibody targeting interleukin 27. It also develops CHS-114, an investigational highly specific human afucosylated IgG1 monoclonal antibody, a chemokine receptor highly expressed on Treg cells in the tumor microenvironment (TME); and CHS-1000, Anti-ILT4 monoclonal antibody for solid tumors. In addition, the company offers GSK4381562, an antibody targeting CD112R to treat tumor cells; YUSIMRY, a biosimilar to Humira for inflammatory diseases characterized by increased production of tumor necrosis factor (TNF) in the body, such as rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn's disease, psoriasis, and ulcerative colitis; and CIMERLI, a Lucentis biosimilar to treat neovascular age-related macular degeneration, macular edema following retinal vein occlusion, diabetic macular edema, diabetic retinopathy, and myopic choroidal neovascularization. It has a collaboration agreement with Junshi Biosciences for the co-development and commercialization of toripalimab; agreement with Surface and Adimab LLC; license agreements with Bioeq AG and Genentech, Inc. and Surface and Vaccinex, Inc.; and out-licensing agreement with Novartis Institutes for Biomedical Research, Inc. and GlaxoSmithKline Intellectual Property No. 4 Limited. The company was formerly known as Coherus BioSciences, Inc. and changed its name to Coherus Oncology, Inc. in May 2025.

CHRS (Coherus Oncology, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $208.7M, a beta of 1.02 versus the broader market, a 52-week range of 0.71-2.616, average daily share volume of 1.3M, 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 1.02 places CHRS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a cash-secured put on CHRS?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current CHRS snapshot

As of May 15, 2026, spot at $1.58, ATM IV 131.90%, IV rank 27.94%, expected move 37.81%. The cash-secured put 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 34-day expiry.

Why this cash-secured put structure on CHRS specifically: CHRS IV at 131.90% is on the cheap side of its 1-year range, which means a premium-selling CHRS cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 37.81% (roughly $0.60 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 CHRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHRS should anchor to the underlying notional of $1.58 per share and to the trader's directional view on CHRS stock.

CHRS cash-secured put setup

The CHRS cash-secured 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 CHRS near $1.58, the first option leg uses a $1.50 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 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 CHRS shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$1.50N/A

CHRS cash-secured 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

CHRS cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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 cash-secured put on CHRS

Cash-secured puts on CHRS earn premium while a trader waits to acquire CHRS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CHRS.

CHRS thesis for this cash-secured put

The market-implied 1-standard-deviation range for CHRS extends from approximately $0.98 on the downside to $2.18 on the upside. A CHRS cash-secured put lets a trader earn premium while waiting to acquire CHRS at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current CHRS IV rank near 27.94% 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 CHRS at 131.90%. 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 cash-secured put positions are structurally neutral to slightly bullish; 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. Short-premium structures like a cash-secured put on CHRS carry tail risk when realized volatility exceeds the implied move; review historical CHRS earnings reactions and macro stress periods before sizing. Always rebuild the position from current CHRS chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on CHRS?
A cash-secured put on CHRS is the cash-secured put strategy applied to CHRS (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With CHRS stock trading near $1.58, 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 cash-secured put max profit and max loss calculated?
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the CHRS cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 131.90%), 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 CHRS cash-secured put?
The breakeven for the CHRS cash-secured 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 CHRS market-implied 1-standard-deviation expected move is approximately 37.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on CHRS?
Cash-secured puts on CHRS earn premium while a trader waits to acquire CHRS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CHRS.
How does current CHRS implied volatility affect this cash-secured put?
CHRS ATM IV is at 131.90% with IV rank near 27.94%, 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.

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