MAZE Long Put 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 long put on MAZE?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
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 long put 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 long put structure on MAZE specifically: MAZE IV at 70.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a MAZE long put, 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 long put setup
The MAZE long 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 MAZE near $25.59, the first option leg uses a $25.59 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).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $25.59 | N/A |
MAZE long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
MAZE long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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 long put on MAZE
Long puts on MAZE hedge an existing long MAZE stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MAZE exposure being hedged.
MAZE thesis for this long put
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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long MAZE position with one put per 100 shares held. 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 long put positions are structurally bearish; 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. Long-premium structures like a long put on MAZE are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current MAZE chain quotes before placing a trade.
Frequently asked questions
- What is a long put on MAZE?
- A long put on MAZE is the long put strategy applied to MAZE (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the MAZE long put 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 long put?
- The breakeven for the MAZE long 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 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 long put on MAZE?
- Long puts on MAZE hedge an existing long MAZE stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MAZE exposure being hedged.
- How does current MAZE implied volatility affect this long put?
- 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.