MIRM Cash-Secured Put Strategy
MIRM (Mirum Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Mirum Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the development and commercialization of novel therapies for debilitating rare and orphan diseases. The company's lead product candidate is LIVMARLI, an investigational oral drug for the treatment of progressive familial intrahepatic cholestasis disease, as well as for the treatment of Alagille syndrome and biliary atresia disease. It also develops Volixibat drug for treatment of intrahepatic cholestasis of pregnancy and primary sclerosing cholangitis. Mirum Pharmaceuticals, Inc. was incorporated in 2018 and is headquartered in Foster City, California.
MIRM (Mirum Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $5.48B, a beta of 0.52 versus the broader market, a 52-week range of 42.89-114.99, average daily share volume of 883K, a public-listing history dating back to 2019, approximately 334 full-time employees. These structural characteristics shape how MIRM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.52 indicates MIRM has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a cash-secured put on MIRM?
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 MIRM snapshot
As of May 15, 2026, spot at $103.34, ATM IV 44.50%, IV rank 23.05%, expected move 12.76%. The cash-secured put on MIRM 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 MIRM specifically: MIRM IV at 44.50% is on the cheap side of its 1-year range, which means a premium-selling MIRM cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.76% (roughly $13.18 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 MIRM expiries trade a higher absolute premium for lower per-day decay. Position sizing on MIRM should anchor to the underlying notional of $103.34 per share and to the trader's directional view on MIRM stock.
MIRM cash-secured put setup
The MIRM 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 MIRM near $103.34, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MIRM 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 MIRM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $100.00 | $3.20 |
MIRM cash-secured put risk and reward
- Net Premium / Debit
- +$320.00
- Max Profit (per contract)
- $320.00
- Max Loss (per contract)
- -$9,679.00
- Breakeven(s)
- $96.80
- Risk / Reward Ratio
- 0.033
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
MIRM cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on MIRM. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$9,679.00 |
| $22.86 | -77.9% | -$7,394.21 |
| $45.71 | -55.8% | -$5,109.41 |
| $68.55 | -33.7% | -$2,824.62 |
| $91.40 | -11.6% | -$539.82 |
| $114.25 | +10.6% | +$320.00 |
| $137.10 | +32.7% | +$320.00 |
| $159.95 | +54.8% | +$320.00 |
| $182.79 | +76.9% | +$320.00 |
| $205.64 | +99.0% | +$320.00 |
When traders use cash-secured put on MIRM
Cash-secured puts on MIRM earn premium while a trader waits to acquire MIRM stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MIRM.
MIRM thesis for this cash-secured put
The market-implied 1-standard-deviation range for MIRM extends from approximately $90.16 on the downside to $116.52 on the upside. A MIRM cash-secured put lets a trader earn premium while waiting to acquire MIRM 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 MIRM IV rank near 23.05% 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 MIRM at 44.50%. As a Healthcare name, MIRM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MIRM-specific events.
MIRM 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. MIRM positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MIRM alongside the broader basket even when MIRM-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on MIRM carry tail risk when realized volatility exceeds the implied move; review historical MIRM earnings reactions and macro stress periods before sizing. Always rebuild the position from current MIRM chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on MIRM?
- A cash-secured put on MIRM is the cash-secured put strategy applied to MIRM (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 MIRM stock trading near $103.34, the strikes shown on this page are snapped to the nearest listed MIRM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MIRM 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 MIRM cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 44.50%), the computed maximum profit is $320.00 per contract and the computed maximum loss is -$9,679.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MIRM cash-secured put?
- The breakeven for the MIRM cash-secured put priced on this page is roughly $96.80 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 MIRM market-implied 1-standard-deviation expected move is approximately 12.76%; 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 MIRM?
- Cash-secured puts on MIRM earn premium while a trader waits to acquire MIRM stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MIRM.
- How does current MIRM implied volatility affect this cash-secured put?
- MIRM ATM IV is at 44.50% with IV rank near 23.05%, 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.