IVVD Cash-Secured Put Strategy

IVVD (Invivyd, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Adagio Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of antibody-based solutions for infectious diseases in the United States. The company's lead product candidate is the ADG20 (adintrevimab), a neutralizing antibody that is in Phase 3 clinical trials for the treatment and prevention of coronavirus disease. Adagio Therapeutics, Inc. has a collaboration agreement with Adimab, LLC for the discovery and optimization of proprietary antibodies; and the Scripps Research Institute to perform research activities to identify vaccine candidates for the prevention, diagnosis or treatment of influenza or beta coronaviruses. The company was incorporated in 2020 and is based in Waltham, Massachusetts.

IVVD (Invivyd, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $195.1M, a beta of 0.71 versus the broader market, a 52-week range of 0.483-3.07, average daily share volume of 2.6M, a public-listing history dating back to 2021, approximately 99 full-time employees. These structural characteristics shape how IVVD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.71 places IVVD roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a cash-secured put on IVVD?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current IVVD snapshot

As of May 15, 2026, spot at $1.21, ATM IV 91.20%, IV rank 14.63%, expected move 26.15%. The cash-secured put on IVVD 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 cash-secured put structure on IVVD specifically: IVVD IV at 91.20% is on the cheap side of its 1-year range, which means a premium-selling IVVD cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 26.15% (roughly $0.32 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 IVVD expiries trade a higher absolute premium for lower per-day decay. Position sizing on IVVD should anchor to the underlying notional of $1.21 per share and to the trader's directional view on IVVD stock.

IVVD cash-secured put setup

The IVVD cash-secured 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 IVVD near $1.21, the first option leg uses a $1.15 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IVVD 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 IVVD shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$1.15N/A

IVVD cash-secured 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

IVVD cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on IVVD. 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 cash-secured put on IVVD

Cash-secured puts on IVVD earn premium while a trader waits to acquire IVVD stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning IVVD.

IVVD thesis for this cash-secured put

The market-implied 1-standard-deviation range for IVVD extends from approximately $0.89 on the downside to $1.53 on the upside. A IVVD cash-secured put lets a trader earn premium while waiting to acquire IVVD at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current IVVD IV rank near 14.63% 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 IVVD at 91.20%. As a Healthcare name, IVVD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IVVD-specific events.

IVVD cash-secured put positions are structurally neutral to slightly bullish; 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. IVVD positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IVVD alongside the broader basket even when IVVD-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on IVVD carry tail risk when realized volatility exceeds the implied move; review historical IVVD earnings reactions and macro stress periods before sizing. Always rebuild the position from current IVVD chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on IVVD?
A cash-secured put on IVVD is the cash-secured put strategy applied to IVVD (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With IVVD stock trading near $1.21, the strikes shown on this page are snapped to the nearest listed IVVD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are IVVD cash-secured put max profit and max loss calculated?
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the IVVD cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 91.20%), 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 IVVD cash-secured put?
The breakeven for the IVVD cash-secured 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 IVVD market-implied 1-standard-deviation expected move is approximately 26.15%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on IVVD?
Cash-secured puts on IVVD earn premium while a trader waits to acquire IVVD stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning IVVD.
How does current IVVD implied volatility affect this cash-secured put?
IVVD ATM IV is at 91.20% with IV rank near 14.63%, 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.

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