MAZE Covered Call Strategy

MAZE (Maze Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Maze Therapeutics, Inc., a clinical stage biopharmaceutical company, develops small molecule precision medicines for the treatment of renal, cardiovascular, related metabolic diseases, and obesity in the United States. Its lead programs includes MZE829, an oral small molecule inhibitor of apolipoprotein L1, which is in phase II clinical trial for the treatment of patients with APOL1 kidney disease; and MZE782, an oral small molecule inhibitor of the solute transporter SLC6A19, which is in phase I clinical trial for the treatment of chronic kidney disease. Maze Therapeutics, Inc. was formerly known as Modulus Therapeutics, Inc. and changed its name to Maze Therapeutics, Inc. in September 2018. The company was incorporated in 2017 and is based in South San Francisco, California.

MAZE (Maze Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.49B, a beta of 2.50 versus the broader market, a 52-week range of 8.245-53.65, average daily share volume of 868K, a public-listing history dating back to 2025, approximately 125 full-time employees. These structural characteristics shape how MAZE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.50 indicates MAZE 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 covered call on MAZE?

A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.

Current MAZE snapshot

As of May 15, 2026, spot at $25.59, ATM IV 70.70%, IV rank 15.92%, expected move 20.27%. The covered call on MAZE 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 covered call structure on MAZE specifically: MAZE IV at 70.70% is on the cheap side of its 1-year range, which means a premium-selling MAZE covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.27% (roughly $5.19 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 MAZE expiries trade a higher absolute premium for lower per-day decay. Position sizing on MAZE should anchor to the underlying notional of $25.59 per share and to the trader's directional view on MAZE stock.

MAZE covered call setup

The MAZE covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MAZE near $25.59, the first option leg uses a $26.87 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MAZE 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 MAZE shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Buy 100 sharesStock$25.59long
Sell 1Call$26.87N/A

MAZE covered call 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 short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.

MAZE covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on MAZE. 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 covered call on MAZE

Covered calls on MAZE are an income strategy run on existing MAZE stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.

MAZE thesis for this covered call

The market-implied 1-standard-deviation range for MAZE extends from approximately $20.40 on the downside to $30.78 on the upside. A MAZE covered call collects premium on an existing long MAZE position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether MAZE will breach that level within the expiration window. Current MAZE IV rank near 15.92% 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 MAZE at 70.70%. As a Healthcare name, MAZE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MAZE-specific events.

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

Frequently asked questions

What is a covered call on MAZE?
A covered call on MAZE is the covered call strategy applied to MAZE (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With MAZE stock trading near $25.59, the strikes shown on this page are snapped to the nearest listed MAZE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MAZE covered call max profit and max loss calculated?
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the MAZE covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 70.70%), 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 MAZE covered call?
The breakeven for the MAZE covered call 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 MAZE market-implied 1-standard-deviation expected move is approximately 20.27%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a covered call on MAZE?
Covered calls on MAZE are an income strategy run on existing MAZE stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
How does current MAZE implied volatility affect this covered call?
MAZE ATM IV is at 70.70% with IV rank near 15.92%, 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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