JANX Collar Strategy
JANX (Janux Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Janux Therapeutics, Inc., a biopharmaceutical company, develops therapeutics based on proprietary Tumor Activated T Cell Engager (TRACTr) platform technology to treat patients suffering from cancer. The company's lead TRACTr product candidates that are in preclinical or discovery stage target prostate-specific membrane antigen, epidermal growth factor receptor, and trophoblast cell surface antigen 2. Janux Therapeutics, Inc. is also developing a Tumor Activated Immunomodulator (TRACIr) costimulatory bispecific product candidate against programmed death-ligand 1 and CD28 designed to improve the anti-tumor activity of T cells. In addition, its EGFR-TRACTr is designed to target EGFR in many cancer types with multiple approved monoclonal antibodies. The company was incorporated in 2017 and is headquartered in La Jolla, California.
JANX (Janux Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $891.0M, a beta of 2.57 versus the broader market, a 52-week range of 12.12-35.34, average daily share volume of 1.0M, a public-listing history dating back to 2021, approximately 91 full-time employees. These structural characteristics shape how JANX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.57 indicates JANX 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 JANX?
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 JANX snapshot
As of May 15, 2026, spot at $13.86, ATM IV 53.40%, IV rank 14.23%, expected move 15.31%. The collar on JANX 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 JANX specifically: IV regime affects collar pricing on both sides; compressed JANX IV at 53.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.31% (roughly $2.12 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 JANX expiries trade a higher absolute premium for lower per-day decay. Position sizing on JANX should anchor to the underlying notional of $13.86 per share and to the trader's directional view on JANX stock.
JANX collar setup
The JANX 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 JANX near $13.86, the first option leg uses a $14.55 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JANX 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 JANX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $13.86 | long |
| Sell 1 | Call | $14.55 | N/A |
| Buy 1 | Put | $13.17 | N/A |
JANX 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.
JANX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on JANX. 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 JANX
Collars on JANX hedge an existing long JANX 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.
JANX thesis for this collar
The market-implied 1-standard-deviation range for JANX extends from approximately $11.74 on the downside to $15.98 on the upside. A JANX collar hedges an existing long JANX 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 JANX IV rank near 14.23% 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 JANX at 53.40%. As a Healthcare name, JANX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JANX-specific events.
JANX 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. JANX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JANX alongside the broader basket even when JANX-specific fundamentals are unchanged. Always rebuild the position from current JANX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on JANX?
- A collar on JANX is the collar strategy applied to JANX (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 JANX stock trading near $13.86, the strikes shown on this page are snapped to the nearest listed JANX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are JANX 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 JANX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 53.40%), 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 JANX collar?
- The breakeven for the JANX 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 JANX market-implied 1-standard-deviation expected move is approximately 15.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on JANX?
- Collars on JANX hedge an existing long JANX 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 JANX implied volatility affect this collar?
- JANX ATM IV is at 53.40% with IV rank near 14.23%, 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.