NTLA Cash-Secured Put Strategy
NTLA (Intellia Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Intellia Therapeutics, Inc., a genome editing company, focuses on the development of therapeutics. The company's in vivo programs include NTLA-2001, which is in Phase 1 clinical trial for the treatment of transthyretin amyloidosis; and NTLA-2002 for the treatment of hereditary angioedema, as well as other liver-focused programs comprising hemophilia A and hemophilia B, hyperoxaluria Type 1, and alpha-1 antitrypsin deficiency. Its ex vivo pipeline includes NTLA-5001 for the treatment of acute myeloid leukemia; and proprietary programs focused on developing engineered cell therapies to treat various oncological and autoimmune disorders. In addition, it offers tools comprising of Clustered, Regularly Interspaced Short Palindromic Repeats/CRISPR associated 9 (CRISPR/Cas9) system. Intellia Therapeutics, Inc. has license and collaboration agreements with Novartis Institutes for BioMedical Research, Inc. to engineer hematopoietic stem cells for the treatment of sickle cell disease; Regeneron Pharmaceuticals, Inc. to co-develop potential products for the treatment of hemophilia A and hemophilia B; Ospedale San Raffaele; and a strategic collaboration with SparingVision SAS to develop novel genomic medicines utilizing CRISPR/Cas9 technology for the treatment of ocular diseases. The company was formerly known as AZRN, Inc.
NTLA (Intellia Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.60B, a beta of 1.93 versus the broader market, a 52-week range of 6.83-28.25, average daily share volume of 5.8M, a public-listing history dating back to 2016, approximately 403 full-time employees. These structural characteristics shape how NTLA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.93 indicates NTLA 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 cash-secured put on NTLA?
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 NTLA snapshot
As of May 15, 2026, spot at $13.39, ATM IV 82.70%, IV rank 28.90%, expected move 23.71%. The cash-secured put on NTLA 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 NTLA specifically: NTLA IV at 82.70% is on the cheap side of its 1-year range, which means a premium-selling NTLA cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 23.71% (roughly $3.17 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 NTLA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NTLA should anchor to the underlying notional of $13.39 per share and to the trader's directional view on NTLA stock.
NTLA cash-secured put setup
The NTLA 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 NTLA near $13.39, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NTLA 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 NTLA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $13.00 | $1.13 |
NTLA cash-secured put risk and reward
- Net Premium / Debit
- +$112.50
- Max Profit (per contract)
- $112.50
- Max Loss (per contract)
- -$1,186.50
- Breakeven(s)
- $11.88
- Risk / Reward Ratio
- 0.095
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
NTLA cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on NTLA. 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 | -99.9% | -$1,186.50 |
| $2.97 | -77.8% | -$890.55 |
| $5.93 | -55.7% | -$594.60 |
| $8.89 | -33.6% | -$298.65 |
| $11.85 | -11.5% | -$2.70 |
| $14.81 | +10.6% | +$112.50 |
| $17.77 | +32.7% | +$112.50 |
| $20.73 | +54.8% | +$112.50 |
| $23.69 | +76.9% | +$112.50 |
| $26.65 | +99.0% | +$112.50 |
When traders use cash-secured put on NTLA
Cash-secured puts on NTLA earn premium while a trader waits to acquire NTLA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NTLA.
NTLA thesis for this cash-secured put
The market-implied 1-standard-deviation range for NTLA extends from approximately $10.22 on the downside to $16.56 on the upside. A NTLA cash-secured put lets a trader earn premium while waiting to acquire NTLA 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 NTLA IV rank near 28.90% 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 NTLA at 82.70%. As a Healthcare name, NTLA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NTLA-specific events.
NTLA 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. NTLA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NTLA alongside the broader basket even when NTLA-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on NTLA carry tail risk when realized volatility exceeds the implied move; review historical NTLA earnings reactions and macro stress periods before sizing. Always rebuild the position from current NTLA chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on NTLA?
- A cash-secured put on NTLA is the cash-secured put strategy applied to NTLA (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 NTLA stock trading near $13.39, the strikes shown on this page are snapped to the nearest listed NTLA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NTLA 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 NTLA cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 82.70%), the computed maximum profit is $112.50 per contract and the computed maximum loss is -$1,186.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NTLA cash-secured put?
- The breakeven for the NTLA cash-secured put priced on this page is roughly $11.88 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 NTLA market-implied 1-standard-deviation expected move is approximately 23.71%; 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 NTLA?
- Cash-secured puts on NTLA earn premium while a trader waits to acquire NTLA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NTLA.
- How does current NTLA implied volatility affect this cash-secured put?
- NTLA ATM IV is at 82.70% with IV rank near 28.90%, 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.