JSPR Straddle Strategy
JSPR (Jasper Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Jasper Therapeutics, Inc., a clinical-stage biotechnology company, develops therapeutic agents for hematopoietic stem cell transplantation and gene therapies. It focuses on the development and commercialization of conditioning agents and stem cell engineering to allow expanded use of stem cell transplantation and ex vivo gene therapy, a technique in which genetic manipulation of cells is performed outside the body prior to transplantation. The company's lead product candidate is JSP191, which is in clinical development as a conditioning antibody that clears hematopoietic stem cells from bone marrow in patients prior to undergoing allogeneic stem cell therapy or stem cell gene therapy. It is also developing engineered hematopoietic stem cells product candidates to overcome key limitations of allogeneic and autologous gene-edited stem cell grafts. The company is based in Redwood City, California.
JSPR (Jasper Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $15.0M, a beta of 3.08 versus the broader market, a 52-week range of 0.623-7.19, average daily share volume of 415K, a public-listing history dating back to 2020, approximately 64 full-time employees. These structural characteristics shape how JSPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.08 indicates JSPR 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 straddle on JSPR?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
Current JSPR snapshot
As of May 15, 2026, spot at $0.83, ATM IV 27.40%, IV rank 2.73%, expected move 7.86%. The straddle on JSPR 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 straddle structure on JSPR specifically: JSPR IV at 27.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a JSPR straddle, with a market-implied 1-standard-deviation move of approximately 7.86% (roughly $0.07 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 JSPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on JSPR should anchor to the underlying notional of $0.83 per share and to the trader's directional view on JSPR stock.
JSPR straddle setup
The JSPR straddle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With JSPR near $0.83, the first option leg uses a $0.83 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JSPR 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 JSPR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $0.83 | N/A |
| Buy 1 | Put | $0.83 | N/A |
JSPR straddle 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
Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
JSPR straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on JSPR. 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 straddle on JSPR
Straddles on JSPR are pure-volatility plays that profit from large moves in either direction; traders typically buy JSPR straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
JSPR thesis for this straddle
The market-implied 1-standard-deviation range for JSPR extends from approximately $0.76 on the downside to $0.90 on the upside. A JSPR long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. Current JSPR IV rank near 2.73% 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 JSPR at 27.40%. As a Healthcare name, JSPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JSPR-specific events.
JSPR straddle positions are structurally neutral / high-volatility (long premium); 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. JSPR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JSPR alongside the broader basket even when JSPR-specific fundamentals are unchanged. Always rebuild the position from current JSPR chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on JSPR?
- A straddle on JSPR is the straddle strategy applied to JSPR (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With JSPR stock trading near $0.83, the strikes shown on this page are snapped to the nearest listed JSPR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are JSPR straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the JSPR straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 27.40%), 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 JSPR straddle?
- The breakeven for the JSPR straddle 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 JSPR market-implied 1-standard-deviation expected move is approximately 7.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on JSPR?
- Straddles on JSPR are pure-volatility plays that profit from large moves in either direction; traders typically buy JSPR straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current JSPR implied volatility affect this straddle?
- JSPR ATM IV is at 27.40% with IV rank near 2.73%, 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.