GYRE Collar Strategy
GYRE (Gyre Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Gyre Therapeutics, Inc., a pharmaceutical company, engages in the development and commercialization of small-molecule, anti-inflammatory, and anti-fibrotic drugs targeting organ fibrosis. It offers ETUARY (Pirfenidone), an anti-fibrotic drug approved for the treatment of idiopathic pulmonary fibrosis; and under phase 3 studies for dermatomyositis and systemic sclerosis-associated interstitial lung disease, pneumoconiosis, and diabetic kidney disease. The company is also involved the development of F351 (Hydronidone), a structural derivative of ETUARY (Pirfenidone), under Phase 3 studies for the treatment of chronic hepatitis B liver fibrosis; and under Phase 1 studies for liver fibrosis associated with nonalcoholic associated steatohepatitis. In addition, its development pipeline includes F573, under Phase 2 studies for the treatment of acute/acute-on-chronic liver failure; F528, under preclinical stage for the treatment of chronic obstructive pulmonary disease; and F230, under preclinical stage for the treatment of pulmonary arterial hypertension. The company was founded in 2002 and is headquartered in San Diego, California. Gyre Therapeutics, Inc. operates as a subsidiary of GNI USA, Inc.
GYRE (Gyre Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $706.1M, a beta of 5.28 versus the broader market, a 52-week range of 6.57-11.67, average daily share volume of 98K, a public-listing history dating back to 2006, approximately 579 full-time employees. These structural characteristics shape how GYRE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 5.28 indicates GYRE has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on GYRE?
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 GYRE snapshot
As of May 15, 2026, spot at $6.62, ATM IV 319.80%, IV rank 63.64%, expected move 91.68%. The collar on GYRE 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 collar structure on GYRE specifically: IV regime affects collar pricing on both sides; mid-range GYRE IV at 319.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 91.68% (roughly $6.07 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 GYRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on GYRE should anchor to the underlying notional of $6.62 per share and to the trader's directional view on GYRE stock.
GYRE collar setup
The GYRE 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 GYRE near $6.62, the first option leg uses a $6.95 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GYRE 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 GYRE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $6.62 | long |
| Sell 1 | Call | $6.95 | N/A |
| Buy 1 | Put | $6.29 | N/A |
GYRE 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.
GYRE collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on GYRE. 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 GYRE
Collars on GYRE hedge an existing long GYRE 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.
GYRE thesis for this collar
The market-implied 1-standard-deviation range for GYRE extends from approximately $0.55 on the downside to $12.69 on the upside. A GYRE collar hedges an existing long GYRE 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 GYRE IV rank near 63.64% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on GYRE should anchor more to the directional view and the expected-move geometry. As a Healthcare name, GYRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GYRE-specific events.
GYRE 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. GYRE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GYRE alongside the broader basket even when GYRE-specific fundamentals are unchanged. Always rebuild the position from current GYRE chain quotes before placing a trade.
Frequently asked questions
- What is a collar on GYRE?
- A collar on GYRE is the collar strategy applied to GYRE (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 GYRE stock trading near $6.62, the strikes shown on this page are snapped to the nearest listed GYRE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GYRE 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 GYRE collar priced from the end-of-day chain at a 30-day expiry (ATM IV 319.80%), 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 GYRE collar?
- The breakeven for the GYRE 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 GYRE market-implied 1-standard-deviation expected move is approximately 91.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on GYRE?
- Collars on GYRE hedge an existing long GYRE 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 GYRE implied volatility affect this collar?
- GYRE ATM IV is at 319.80% with IV rank near 63.64%, 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.