HYPR Bear Put Spread Strategy
HYPR (Hyperfine, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Hyperfine, Inc. provides imaging, monitoring, and magnetic resonance imaging products. It offers Swoop Portable MR imaging system to address an unmet need in point-of-care medical imaging through a combination of hardware and software services. The company was incorporated in 2014 and is based in Guilford, Connecticut.
HYPR (Hyperfine, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $129.9M, a beta of 1.42 versus the broader market, a 52-week range of 0.533-2.22, average daily share volume of 571K, a public-listing history dating back to 2021, approximately 111 full-time employees. These structural characteristics shape how HYPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.42 indicates HYPR 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 bear put spread on HYPR?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current HYPR snapshot
As of May 15, 2026, spot at $1.56, ATM IV 22.90%, IV rank 0.46%, expected move 6.57%. The bear put spread on HYPR 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 bear put spread structure on HYPR specifically: HYPR IV at 22.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a HYPR bear put spread, with a market-implied 1-standard-deviation move of approximately 6.57% (roughly $0.10 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 HYPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on HYPR should anchor to the underlying notional of $1.56 per share and to the trader's directional view on HYPR stock.
HYPR bear put spread setup
The HYPR bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With HYPR near $1.56, the first option leg uses a $1.56 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HYPR 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 HYPR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $1.56 | N/A |
| Sell 1 | Put | $1.48 | N/A |
HYPR bear put spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
HYPR bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on HYPR. 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 bear put spread on HYPR
Bear put spreads on HYPR reduce the cost of a bearish HYPR stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
HYPR thesis for this bear put spread
The market-implied 1-standard-deviation range for HYPR extends from approximately $1.46 on the downside to $1.66 on the upside. A HYPR bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on HYPR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current HYPR IV rank near 0.46% 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 HYPR at 22.90%. As a Healthcare name, HYPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HYPR-specific events.
HYPR bear put spread positions are structurally moderately 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. HYPR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HYPR alongside the broader basket even when HYPR-specific fundamentals are unchanged. Long-premium structures like a bear put spread on HYPR 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 HYPR chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on HYPR?
- A bear put spread on HYPR is the bear put spread strategy applied to HYPR (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With HYPR stock trading near $1.56, the strikes shown on this page are snapped to the nearest listed HYPR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HYPR bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the HYPR bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 22.90%), 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 HYPR bear put spread?
- The breakeven for the HYPR bear put spread 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 HYPR market-implied 1-standard-deviation expected move is approximately 6.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on HYPR?
- Bear put spreads on HYPR reduce the cost of a bearish HYPR stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current HYPR implied volatility affect this bear put spread?
- HYPR ATM IV is at 22.90% with IV rank near 0.46%, 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.