EVMN Long 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 long put on EVMN?
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 EVMN snapshot
As of May 15, 2026, spot at $22.75, ATM IV 119.20%, expected move 34.17%. The long 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 long 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 long put setup
The EVMN 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 EVMN near $22.75, the first option leg uses a $22.75 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) |
|---|---|---|---|
| Buy 1 | Put | $22.75 | N/A |
EVMN long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
EVMN long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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 long put on EVMN
Long puts on EVMN hedge an existing long EVMN stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying EVMN exposure being hedged.
EVMN thesis for this long 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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long EVMN position with one put per 100 shares held. 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 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. 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. Long-premium structures like a long put on EVMN 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 EVMN chain quotes before placing a trade.
Frequently asked questions
- What is a long put on EVMN?
- A long put on EVMN is the long put strategy applied to EVMN (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 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 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 EVMN long 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 long put?
- The breakeven for the EVMN long 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 long put on EVMN?
- Long puts on EVMN hedge an existing long EVMN stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying EVMN exposure being hedged.
- How does current EVMN implied volatility affect this long put?
- Current EVMN ATM IV is 119.20%; IV rank context is unavailable in the current snapshot.