IRD Collar Strategy
IRD (Opus Genetics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Opus Genetics, Inc. is a clinical-stage biopharmaceutical company focused on ophthalmology. The company is dedicated to discovering and commercializing innovative therapies to address significant unmet medical needs in patients suffering from refractive and retinal eye disorders. Its portfolio includes Phentolamine Ophthalmic Solution, currently used to reverse pharmacologically induced mydriasis (pupil dilation). This solution is also advancing through Phase III clinical trials for the treatment of presbyopia and impaired vision in dim light or at night. A leading candidate in its retinal pipeline is APX3330, a small-molecule inhibitor targeting the reduction oxidation effector factor-1 protein. APX3330 has successfully completed Phase II clinical trials for diabetic retinopathy.
IRD (Opus Genetics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $298.1M, a beta of 0.58 versus the broader market, a 52-week range of 1.1-5.81, average daily share volume of 937K, a public-listing history dating back to 2015, approximately 28 full-time employees. These structural characteristics shape how IRD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.58 indicates IRD 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 collar on IRD?
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.
IRD snapshot
As of August 14, 2026, spot at $3.63, ATM IV 277.20%, IV rank 57.53%, expected move 79.47%. The collar on IRD 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 IRD specifically: IV regime affects collar pricing on both sides; mid-range IRD IV at 277.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 79.47% (roughly $2.88 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 IRD expiries trade a higher absolute premium for lower per-day decay. Position sizing on IRD should anchor to the underlying notional of $3.63 per share and to the trader's directional view on IRD stock.
IRD collar setup
The IRD 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 IRD at $3.63 on that close, the first option leg uses a $3.81 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IRD 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 IRD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $3.63 | long |
| Sell 1 | Call | $3.81 | N/A |
| Buy 1 | Put | $3.45 | N/A |
IRD 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.
IRD collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on IRD. 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 IRD
Collars on IRD hedge an existing long IRD 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.
IRD thesis for this collar
The market-implied 1-standard-deviation range for IRD extends from approximately $0.75 on the downside to $6.51 on the upside. A IRD collar hedges an existing long IRD 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 IRD IV rank near 57.53% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on IRD should anchor more to the directional view and the expected-move geometry. As a Healthcare name, IRD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IRD-specific events.
IRD 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. IRD positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IRD alongside the broader basket even when IRD-specific fundamentals are unchanged. Always rebuild the position from current IRD chain quotes before placing a trade.
Frequently asked questions
- What is a collar on IRD?
- A collar on IRD is the collar strategy applied to IRD (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 IRD stock at $3.63 on the most recent close, the strikes shown on this page are snapped to the nearest listed IRD chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are IRD 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 IRD collar priced from the end-of-day chain at a 30-day expiry (ATM IV 277.20%), 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 IRD collar?
- The breakeven for the IRD 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 IRD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 79.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on IRD?
- Collars on IRD hedge an existing long IRD 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 IRD implied volatility affect this collar?
- IRD ATM IV is at 277.20% with IV rank near 57.53%, 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.