CLDX Long Put Strategy
CLDX (Celldex Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Celldex Therapeutics, Inc., a biopharmaceutical company, engages in developing therapeutic monoclonal and bispecific antibodies for the treatment of various diseases. Its drug candidates include antibody-based therapeutics to treat patients with inflammatory diseases and various forms of cancer. The company's clinical development programs CDX-0159, a Phase I monoclonal antibody that binds the receptor tyrosine kinase KIT and inhibits its activity; CDX-1140, a human agonist monoclonal antibody targeted to CD40, a key activator of immune response, which is found on dendritic cells, macrophages, and B cells, as well as is expressed on various cancer cells; and CDX-527, a bispecific antibody, which uses the company's proprietary active anti-PD-L1 and CD27 human antibodies to couple CD27 costimulation with blockade of the PD-L1/PD-1 pathway to help prime and activate anti-tumor T cell responses through CD27 costimulation. The company has research collaboration and license agreements with University of Southampton to develop human antibodies towards CD27; Amgen Inc. with exclusive rights to CDX-301 and CD40 ligand; and Yale University. Celldex Therapeutics, Inc. was incorporated in 1983 and is headquartered in Hampton, New Jersey.
CLDX (Celldex Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.16B, a beta of 0.98 versus the broader market, a 52-week range of 18.55-35.79, average daily share volume of 1.1M, a public-listing history dating back to 1986, approximately 186 full-time employees. These structural characteristics shape how CLDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places CLDX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a long put on CLDX?
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 CLDX snapshot
As of May 15, 2026, spot at $31.31, ATM IV 42.10%, IV rank 3.82%, expected move 12.07%. The long put on CLDX 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 CLDX specifically: CLDX IV at 42.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a CLDX long put, with a market-implied 1-standard-deviation move of approximately 12.07% (roughly $3.78 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 CLDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLDX should anchor to the underlying notional of $31.31 per share and to the trader's directional view on CLDX stock.
CLDX long put setup
The CLDX 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 CLDX near $31.31, the first option leg uses a $31.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLDX 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 CLDX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $31.00 | $1.08 |
CLDX long put risk and reward
- Net Premium / Debit
- -$107.50
- Max Profit (per contract)
- $2,991.50
- Max Loss (per contract)
- -$107.50
- Breakeven(s)
- $29.93
- Risk / Reward Ratio
- 27.828
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CLDX long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CLDX. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$2,991.50 |
| $6.93 | -77.9% | +$2,299.33 |
| $13.85 | -55.8% | +$1,607.16 |
| $20.78 | -33.6% | +$914.99 |
| $27.70 | -11.5% | +$222.82 |
| $34.62 | +10.6% | -$107.50 |
| $41.54 | +32.7% | -$107.50 |
| $48.46 | +54.8% | -$107.50 |
| $55.38 | +76.9% | -$107.50 |
| $62.31 | +99.0% | -$107.50 |
When traders use long put on CLDX
Long puts on CLDX hedge an existing long CLDX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CLDX exposure being hedged.
CLDX thesis for this long put
The market-implied 1-standard-deviation range for CLDX extends from approximately $27.53 on the downside to $35.09 on the upside. A CLDX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CLDX position with one put per 100 shares held. Current CLDX IV rank near 3.82% 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 CLDX at 42.10%. As a Healthcare name, CLDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLDX-specific events.
CLDX 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. CLDX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLDX alongside the broader basket even when CLDX-specific fundamentals are unchanged. Long-premium structures like a long put on CLDX 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 CLDX chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CLDX?
- A long put on CLDX is the long put strategy applied to CLDX (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 CLDX stock trading near $31.31, the strikes shown on this page are snapped to the nearest listed CLDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLDX 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 CLDX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 42.10%), the computed maximum profit is $2,991.50 per contract and the computed maximum loss is -$107.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLDX long put?
- The breakeven for the CLDX long put priced on this page is roughly $29.93 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 CLDX market-implied 1-standard-deviation expected move is approximately 12.07%; 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 CLDX?
- Long puts on CLDX hedge an existing long CLDX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CLDX exposure being hedged.
- How does current CLDX implied volatility affect this long put?
- CLDX ATM IV is at 42.10% with IV rank near 3.82%, 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.