NGNE Collar Strategy
NGNE (Neurogene Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Neurogene Inc. is dedicated to engineering transformative genetic treatments for individuals and their families grappling with debilitating neurological conditions. Its current pipeline prominently features two key investigational therapies: NGN-401, an AAV9 gene therapy specifically targeting Rett syndrome, and NGN-101, which is being developed to address neuronal ceroid lipofuscinosis subtype 5 (Batten disease). The company's operations are based in New York, New York.
NGNE (Neurogene Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $584.4M, a beta of 1.95 versus the broader market, a 52-week range of 15.93-43.66, average daily share volume of 194K, a public-listing history dating back to 2014, approximately 131 full-time employees. These structural characteristics shape how NGNE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.95 indicates NGNE 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 NGNE?
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.
NGNE snapshot
As of August 14, 2026, spot at $35.98, ATM IV 97.20%, IV rank 7.48%, expected move 27.87%. The collar on NGNE below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 154-day expiry.
Why this collar structure on NGNE specifically: IV regime affects collar pricing on both sides; compressed NGNE IV at 97.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 27.87% (roughly $10.03 on the underlying). The 154-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NGNE expiries trade a higher absolute premium for lower per-day decay. Position sizing on NGNE should anchor to the underlying notional of $35.98 per share and to the trader's directional view on NGNE stock.
NGNE collar setup
The NGNE collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NGNE at $35.98 on that close, the first option leg uses a $37.78 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NGNE chain at a 154-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 NGNE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $35.98 | long |
| Sell 1 | Call | $37.78 | N/A |
| Buy 1 | Put | $34.18 | N/A |
NGNE 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.
NGNE collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on NGNE. 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 NGNE
Collars on NGNE hedge an existing long NGNE 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.
NGNE thesis for this collar
The market-implied 1-standard-deviation range for NGNE extends from approximately $25.95 on the downside to $46.01 on the upside. A NGNE collar hedges an existing long NGNE 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 NGNE IV rank near 7.48% 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 NGNE at 97.20%. As a Healthcare name, NGNE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NGNE-specific events.
NGNE 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. NGNE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NGNE alongside the broader basket even when NGNE-specific fundamentals are unchanged. Always rebuild the position from current NGNE chain quotes before placing a trade.
Frequently asked questions
- What is a collar on NGNE?
- A collar on NGNE is the collar strategy applied to NGNE (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 NGNE stock at $35.98 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NGNE chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are NGNE 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 NGNE collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.20%), 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 NGNE collar?
- The breakeven for the NGNE collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The NGNE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 27.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on NGNE?
- Collars on NGNE hedge an existing long NGNE 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 NGNE implied volatility affect this collar?
- NGNE ATM IV is at 97.20% with IV rank near 7.48%, 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.