NVNO Covered Call Strategy
NVNO (enVVeno Medical Corporation), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
enVVeno Medical Corporation, a clinical-stage medical device company, focuses on the development of bioprosthetic tissue-based solutions to enhance the standard of care in the treatment of venous disease. The company's lead product is the VenoValve, a replacement venous valve for the treatment of venous chronic venous insufficiency. Its VenoValve implanted into the femoral vein of the patient in an open surgical procedure via a 5-to-6-inch incision in the upper thigh. The company also develops enVVe, a non-surgical and transcatheter-based replacement venous valve system consisting of the enVVe valve, enVVe delivery system, and delivery system accessories. The company was formerly known as Hancock Jaffe Laboratories, Inc. and changed its name to enVVeno Medical Corporation in October 2021. enVVeno Medical Corporation was incorporated in 1999 and is based in Irvine, California.
NVNO (enVVeno Medical Corporation) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $155,953, a beta of 1.09 versus the broader market, a 52-week range of 8.67-196.7, average daily share volume of 14K, a public-listing history dating back to 2018, approximately 37 full-time employees. These structural characteristics shape how NVNO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.09 places NVNO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a covered call on NVNO?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
Current NVNO snapshot
As of May 15, 2026, spot at $9.30, ATM IV 68.00%, IV rank 10.52%, expected move 19.50%. The covered call on NVNO 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 98-day expiry.
Why this covered call structure on NVNO specifically: NVNO IV at 68.00% is on the cheap side of its 1-year range, which means a premium-selling NVNO covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 19.50% (roughly $1.81 on the underlying). The 98-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NVNO expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVNO should anchor to the underlying notional of $9.30 per share and to the trader's directional view on NVNO stock.
NVNO covered call setup
The NVNO covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NVNO near $9.30, the first option leg uses a $9.77 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVNO chain at a 98-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 NVNO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $9.30 | long |
| Sell 1 | Call | $9.77 | N/A |
NVNO covered call 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 short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
NVNO covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on NVNO. 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 covered call on NVNO
Covered calls on NVNO are an income strategy run on existing NVNO stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
NVNO thesis for this covered call
The market-implied 1-standard-deviation range for NVNO extends from approximately $7.49 on the downside to $11.11 on the upside. A NVNO covered call collects premium on an existing long NVNO position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether NVNO will breach that level within the expiration window. Current NVNO IV rank near 10.52% 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 NVNO at 68.00%. As a Healthcare name, NVNO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVNO-specific events.
NVNO covered call 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. NVNO positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NVNO alongside the broader basket even when NVNO-specific fundamentals are unchanged. Short-premium structures like a covered call on NVNO carry tail risk when realized volatility exceeds the implied move; review historical NVNO earnings reactions and macro stress periods before sizing. Always rebuild the position from current NVNO chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on NVNO?
- A covered call on NVNO is the covered call strategy applied to NVNO (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With NVNO stock trading near $9.30, the strikes shown on this page are snapped to the nearest listed NVNO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NVNO covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the NVNO covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 68.00%), 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 NVNO covered call?
- The breakeven for the NVNO covered call 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 NVNO market-implied 1-standard-deviation expected move is approximately 19.50%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a covered call on NVNO?
- Covered calls on NVNO are an income strategy run on existing NVNO stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current NVNO implied volatility affect this covered call?
- NVNO ATM IV is at 68.00% with IV rank near 10.52%, 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.