ENLV Collar Strategy
ENLV (Enlivex Therapeutics Ltd.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Enlivex Therapeutics Ltd., established in 2005 and based in Nes Ziona, Israel, operates as a clinical-stage biotechnology firm dedicated to macrophage reprogramming immunotherapy. The company is currently advancing Allocetra, its flagship cell-based therapeutic. This treatment is undergoing Phase II clinical evaluation for its effectiveness in addressing organ dysfunction and failure that arises from sepsis. Additionally, Allocetra is being investigated in preclinical studies for its potential application in solid tumor therapy.
ENLV (Enlivex Therapeutics Ltd.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $26.6M, a trailing P/E of 0.00, a beta of 1.47 versus the broader market, a 52-week range of 1.53-27.15, average daily share volume of 129K, a public-listing history dating back to 2014, approximately 34 full-time employees. These structural characteristics shape how ENLV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.47 indicates ENLV has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 0.00 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a collar on ENLV?
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.
ENLV snapshot
As of August 14, 2026, spot at $1.75, ATM IV 298.90%, IV rank 60.22%, expected move 85.69%. The collar on ENLV below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this collar structure on ENLV specifically: IV regime affects collar pricing on both sides; mid-range ENLV IV at 298.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 85.69% (roughly $1.50 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ENLV expiries trade a higher absolute premium for lower per-day decay. Position sizing on ENLV should anchor to the underlying notional of $1.75 per share and to the trader's directional view on ENLV stock.
ENLV collar setup
The ENLV 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 ENLV at $1.75 on that close, the first option leg uses a $1.84 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ENLV chain at a 35-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 ENLV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $1.75 | long |
| Sell 1 | Call | $1.84 | N/A |
| Buy 1 | Put | $1.66 | N/A |
ENLV 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.
ENLV collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ENLV. 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 ENLV
Collars on ENLV hedge an existing long ENLV 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.
ENLV thesis for this collar
The market-implied 1-standard-deviation range for ENLV extends from approximately $0.25 on the downside to $3.25 on the upside. A ENLV collar hedges an existing long ENLV 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 ENLV IV rank near 60.22% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on ENLV should anchor more to the directional view and the expected-move geometry. As a Healthcare name, ENLV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ENLV-specific events.
ENLV 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. ENLV positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ENLV alongside the broader basket even when ENLV-specific fundamentals are unchanged. Always rebuild the position from current ENLV chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ENLV?
- A collar on ENLV is the collar strategy applied to ENLV (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 ENLV stock at $1.75 on the most recent close, the strikes shown on this page are snapped to the nearest listed ENLV chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ENLV 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 ENLV collar priced from the end-of-day chain at a 30-day expiry (ATM IV 298.90%), 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 ENLV collar?
- The breakeven for the ENLV collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ENLV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 85.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ENLV?
- Collars on ENLV hedge an existing long ENLV 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 ENLV implied volatility affect this collar?
- ENLV ATM IV is at 298.90% with IV rank near 60.22%, 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.