GHRS Collar Strategy
GHRS (GH Research PLC), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
GH Research PLC is a clinical-stage biopharmaceutical firm dedicated to creating novel therapies for psychiatric and neurological conditions. The company primarily concentrates on developing 5-Methoxy-N,N-Dimethyltryptamine (5-MeO-DMT) treatments, specifically targeting patients with treatment-resistant depression (TRD). Its most advanced program is GH001, an inhalable 5-MeO-DMT product candidate that has successfully completed two Phase 1 clinical trials and a subsequent Phase 1/2 clinical trial in TRD patients. Additionally, GH Research is developing GH002, an injectable 5-MeO-DMT candidate, and GH003, an intranasal 5-MeO-DMT candidate. Both GH002 and GH003 are currently in preclinical development, with a focus on their potential applications in various psychiatric and neurological disorders. Founded in 2018, GH Research PLC is headquartered in Dublin, Ireland.
GHRS (GH Research PLC) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.07B, a beta of 1.29 versus the broader market, a 52-week range of 11.83-31.439, average daily share volume of 264K, a public-listing history dating back to 2021, approximately 73 full-time employees. These structural characteristics shape how GHRS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.29 places GHRS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on GHRS?
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.
GHRS snapshot
As of August 14, 2026, spot at $29.66, ATM IV 73.50%, IV rank 12.88%, expected move 21.07%. The collar on GHRS 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 GHRS specifically: IV regime affects collar pricing on both sides; compressed GHRS IV at 73.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 21.07% (roughly $6.25 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 GHRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on GHRS should anchor to the underlying notional of $29.66 per share and to the trader's directional view on GHRS stock.
GHRS collar setup
The GHRS 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 GHRS at $29.66 on that close, the first option leg uses a $31.14 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GHRS 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 GHRS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $29.66 | long |
| Sell 1 | Call | $31.14 | N/A |
| Buy 1 | Put | $28.18 | N/A |
GHRS 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.
GHRS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on GHRS. 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 GHRS
Collars on GHRS hedge an existing long GHRS 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.
GHRS thesis for this collar
The market-implied 1-standard-deviation range for GHRS extends from approximately $23.41 on the downside to $35.91 on the upside. A GHRS collar hedges an existing long GHRS 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 GHRS IV rank near 12.88% 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 GHRS at 73.50%. As a Healthcare name, GHRS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GHRS-specific events.
GHRS 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. GHRS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GHRS alongside the broader basket even when GHRS-specific fundamentals are unchanged. Always rebuild the position from current GHRS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on GHRS?
- A collar on GHRS is the collar strategy applied to GHRS (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 GHRS stock at $29.66 on the most recent close, the strikes shown on this page are snapped to the nearest listed GHRS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are GHRS 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 GHRS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 73.50%), 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 GHRS collar?
- The breakeven for the GHRS 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 GHRS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on GHRS?
- Collars on GHRS hedge an existing long GHRS 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 GHRS implied volatility affect this collar?
- GHRS ATM IV is at 73.50% with IV rank near 12.88%, 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.