NRXS Collar Strategy
NRXS (NeurAxis, Inc.), in the Healthcare sector, (Biotechnology industry), listed on AMEX.
NeurAxis, Inc. (NRXS) is an American company specializing in neuromodulation therapy devices. Its primary offering is IB-Stim, a percutaneous electrical nerve field stimulation system engineered to alleviate functional abdominal pain associated with irritable bowel syndrome in patients aged 11 to 18. NeurAxis markets its solutions to healthcare providers, predominantly hospitals and clinics. The firm, headquartered in Carmel, Indiana, was established in 2011 and operated as Innovative Health Solutions, Inc. until its rebranding to NeurAxis, Inc. in March 2022.
NRXS (NeurAxis, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $78.2M, a beta of 1.47 versus the broader market, a 52-week range of 2.21-9.33, average daily share volume of 127K, a public-listing history dating back to 2023, approximately 24 full-time employees. These structural characteristics shape how NRXS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.47 indicates NRXS 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 NRXS?
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.
NRXS snapshot
As of August 14, 2026, spot at $6.43, ATM IV 72.80%, expected move 20.87%. The collar on NRXS below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this collar structure on NRXS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NRXS is inferred from ATM IV at 72.80% alone, with a market-implied 1-standard-deviation move of approximately 20.87% (roughly $1.34 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NRXS expiries trade a higher absolute premium for lower per-day decay. Position sizing on NRXS should anchor to the underlying notional of $6.43 per share and to the trader's directional view on NRXS stock.
NRXS collar setup
The NRXS collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NRXS at $6.43 on that close, the first option leg uses a $6.75 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NRXS chain at a 35-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 NRXS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $6.43 | long |
| Sell 1 | Call | $6.75 | N/A |
| Buy 1 | Put | $6.11 | N/A |
NRXS 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.
NRXS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on NRXS. 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 NRXS
Collars on NRXS hedge an existing long NRXS 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.
NRXS thesis for this collar
The market-implied 1-standard-deviation range for NRXS extends from approximately $5.09 on the downside to $7.77 on the upside. A NRXS collar hedges an existing long NRXS 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. As a Healthcare name, NRXS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NRXS-specific events.
NRXS 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. NRXS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NRXS alongside the broader basket even when NRXS-specific fundamentals are unchanged. Always rebuild the position from current NRXS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on NRXS?
- A collar on NRXS is the collar strategy applied to NRXS (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 NRXS stock at $6.43 on the most recent close, the strikes shown on this page are snapped to the nearest listed NRXS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are NRXS 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 NRXS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 72.80%), 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 NRXS collar?
- The breakeven for the NRXS collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 NRXS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on NRXS?
- Collars on NRXS hedge an existing long NRXS 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 NRXS implied volatility affect this collar?
- Current NRXS ATM IV is 72.80%; IV rank context is unavailable in the current snapshot.