COGT Cash-Secured Put Strategy
COGT (Cogent Biosciences, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Cogent Biosciences, Inc., a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes CGT9486, a selective tyrosine kinase inhibitor designed to inhibit the KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors. It has a licensing agreement with Plexxikon Inc. for the research, development, and commercialization of bezuclastinib. The company was formerly known as Unum Therapeutics Inc. and changed its name to Cogent Biosciences, Inc. in October 2020. Cogent Biosciences, Inc. was incorporated in 2014 and is headquartered in Cambridge, Massachusetts.
COGT (Cogent Biosciences, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $5.86B, a beta of 0.37 versus the broader market, a 52-week range of 4.55-43.73, average daily share volume of 2.0M, a public-listing history dating back to 2018, approximately 205 full-time employees. These structural characteristics shape how COGT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.37 indicates COGT has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a cash-secured put on COGT?
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 COGT snapshot
As of May 15, 2026, spot at $32.58, ATM IV 68.90%, IV rank 5.69%, expected move 19.75%. The cash-secured put on COGT 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 COGT specifically: COGT IV at 68.90% is on the cheap side of its 1-year range, which means a premium-selling COGT cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 19.75% (roughly $6.44 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 COGT expiries trade a higher absolute premium for lower per-day decay. Position sizing on COGT should anchor to the underlying notional of $32.58 per share and to the trader's directional view on COGT stock.
COGT cash-secured put setup
The COGT 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 COGT near $32.58, 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 COGT 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 COGT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $31.00 | $1.30 |
COGT cash-secured put risk and reward
- Net Premium / Debit
- +$130.00
- Max Profit (per contract)
- $130.00
- Max Loss (per contract)
- -$2,969.00
- Breakeven(s)
- $29.70
- Risk / Reward Ratio
- 0.044
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
COGT cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on COGT. 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% | -$2,969.00 |
| $7.21 | -77.9% | -$2,248.75 |
| $14.42 | -55.8% | -$1,528.50 |
| $21.62 | -33.6% | -$808.25 |
| $28.82 | -11.5% | -$87.99 |
| $36.02 | +10.6% | +$130.00 |
| $43.23 | +32.7% | +$130.00 |
| $50.43 | +54.8% | +$130.00 |
| $57.63 | +76.9% | +$130.00 |
| $64.83 | +99.0% | +$130.00 |
When traders use cash-secured put on COGT
Cash-secured puts on COGT earn premium while a trader waits to acquire COGT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COGT.
COGT thesis for this cash-secured put
The market-implied 1-standard-deviation range for COGT extends from approximately $26.14 on the downside to $39.02 on the upside. A COGT cash-secured put lets a trader earn premium while waiting to acquire COGT 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 COGT IV rank near 5.69% 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 COGT at 68.90%. As a Healthcare name, COGT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COGT-specific events.
COGT 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. COGT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COGT alongside the broader basket even when COGT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on COGT carry tail risk when realized volatility exceeds the implied move; review historical COGT earnings reactions and macro stress periods before sizing. Always rebuild the position from current COGT chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on COGT?
- A cash-secured put on COGT is the cash-secured put strategy applied to COGT (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 COGT stock trading near $32.58, the strikes shown on this page are snapped to the nearest listed COGT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are COGT 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 COGT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 68.90%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$2,969.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COGT cash-secured put?
- The breakeven for the COGT cash-secured put priced on this page is roughly $29.70 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 COGT market-implied 1-standard-deviation expected move is approximately 19.75%; 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 COGT?
- Cash-secured puts on COGT earn premium while a trader waits to acquire COGT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COGT.
- How does current COGT implied volatility affect this cash-secured put?
- COGT ATM IV is at 68.90% with IV rank near 5.69%, 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.