CSBR Collar Strategy
CSBR (Champions Oncology, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Champions Oncology, Inc. is dedicated to developing and commercializing cutting-edge technological products and services designed to personalize cancer treatment and streamline the development of oncology drugs across the United States. At the heart of its offerings is the Tumorgraft Technology Platform, an innovative approach that facilitates individualized cancer care by implanting human tumors into immune-deficient mice. Utilizing this proprietary platform, the company not only delivers personalized cancer solutions directly but also provides Translational Oncology Solutions, supporting pharmaceutical and biotechnology companies through their drug development lifecycle. Additionally, Champions Oncology offers Lumin Bioinformatics, a comprehensive software platform and data tool filled with insights from research services and clinical studies, accessible through annual subscriptions. The company distributes its offerings through various channels, including online platforms, word-of-mouth referrals, and a dedicated sales team, reaching both patients and healthcare professionals. Established in 1985, Champions Oncology, Inc. is based in Hackensack, New Jersey, and was formerly known as Champions Biotechnology, Inc. until its name change in April 2011.
CSBR (Champions Oncology, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $92.1M, a beta of 0.40 versus the broader market, a 52-week range of 5.5-9.63, average daily share volume of 8K, a public-listing history dating back to 2007, approximately 210 full-time employees. These structural characteristics shape how CSBR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.40 indicates CSBR 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 collar on CSBR?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current CSBR snapshot
As of June 30, 2026, spot at $6.14, ATM IV 23.80%, IV rank 4.38%, expected move 6.82%. The collar on CSBR 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 collar structure on CSBR specifically: IV regime affects collar pricing on both sides; compressed CSBR IV at 23.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 6.82% (roughly $0.42 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 CSBR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CSBR should anchor to the underlying notional of $6.14 per share and to the trader's directional view on CSBR stock.
CSBR collar setup
The CSBR collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CSBR near $6.14, the first option leg uses a $6.45 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CSBR 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 CSBR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $6.14 | long |
| Sell 1 | Call | $6.45 | N/A |
| Buy 1 | Put | $5.83 | N/A |
CSBR collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
CSBR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CSBR. 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 collar on CSBR
Collars on CSBR hedge an existing long CSBR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
CSBR thesis for this collar
The market-implied 1-standard-deviation range for CSBR extends from approximately $5.72 on the downside to $6.56 on the upside. A CSBR collar hedges an existing long CSBR position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current CSBR IV rank near 4.38% 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 CSBR at 23.80%. As a Healthcare name, CSBR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CSBR-specific events.
CSBR collar positions are structurally neutral (protective); 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. CSBR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CSBR alongside the broader basket even when CSBR-specific fundamentals are unchanged. Always rebuild the position from current CSBR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CSBR?
- A collar on CSBR is the collar strategy applied to CSBR (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With CSBR stock trading near $6.14, the strikes shown on this page are snapped to the nearest listed CSBR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CSBR collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the CSBR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 23.80%), 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 CSBR collar?
- The breakeven for the CSBR collar 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 CSBR market-implied 1-standard-deviation expected move is approximately 6.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CSBR?
- Collars on CSBR hedge an existing long CSBR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current CSBR implied volatility affect this collar?
- CSBR ATM IV is at 23.80% with IV rank near 4.38%, 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.