EVMN Cash-Secured Put Strategy
EVMN (Evommune, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NYSE.
Evommune, Inc. operates as a clinical-stage biotechnology company in the United States. It develops therapies that target key drivers of chronic inflammatory diseases, with initial clinical development programs focusing on chronic spontaneous urticaria, atopic dermatitis, and ulcerative colitis. Its products includes EVO756 for the treatment of CSU and AD; and EVO301 for the treatment of AD and UC. The company was incorporated in 2020 and is based in Palo Alto, California.
EVMN (Evommune, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $329.9M, a beta of 0.30 versus the broader market, a 52-week range of 13.885-33.2, average daily share volume of 360K, a public-listing history dating back to 2025, approximately 45 full-time employees. These structural characteristics shape how EVMN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.30 indicates EVMN 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 EVMN?
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 EVMN snapshot
As of May 15, 2026, spot at $22.75, ATM IV 119.20%, expected move 34.17%. The cash-secured put on EVMN 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 EVMN specifically: IV rank is unavailable in the current snapshot, so regime-based timing for EVMN is inferred from ATM IV at 119.20% alone, with a market-implied 1-standard-deviation move of approximately 34.17% (roughly $7.77 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 EVMN expiries trade a higher absolute premium for lower per-day decay. Position sizing on EVMN should anchor to the underlying notional of $22.75 per share and to the trader's directional view on EVMN stock.
EVMN cash-secured put setup
The EVMN 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 EVMN near $22.75, the first option leg uses a $21.61 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EVMN 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 EVMN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $21.61 | N/A |
EVMN 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.
EVMN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on EVMN. 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 EVMN
Cash-secured puts on EVMN earn premium while a trader waits to acquire EVMN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning EVMN.
EVMN thesis for this cash-secured put
The market-implied 1-standard-deviation range for EVMN extends from approximately $14.98 on the downside to $30.52 on the upside. A EVMN cash-secured put lets a trader earn premium while waiting to acquire EVMN 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. As a Healthcare name, EVMN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EVMN-specific events.
EVMN 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. EVMN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EVMN alongside the broader basket even when EVMN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on EVMN carry tail risk when realized volatility exceeds the implied move; review historical EVMN earnings reactions and macro stress periods before sizing. Always rebuild the position from current EVMN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on EVMN?
- A cash-secured put on EVMN is the cash-secured put strategy applied to EVMN (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 EVMN stock trading near $22.75, the strikes shown on this page are snapped to the nearest listed EVMN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EVMN 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 EVMN cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 119.20%), 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 EVMN cash-secured put?
- The breakeven for the EVMN 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 EVMN market-implied 1-standard-deviation expected move is approximately 34.17%; 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 EVMN?
- Cash-secured puts on EVMN earn premium while a trader waits to acquire EVMN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning EVMN.
- How does current EVMN implied volatility affect this cash-secured put?
- Current EVMN ATM IV is 119.20%; IV rank context is unavailable in the current snapshot.