OMER Bull Call Spread Strategy
OMER (Omeros Corporation), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Omeros Corporation, a commercial-stage biopharmaceutical company, discovers, develops, and commercializes small-molecule and protein therapeutics, and orphan indications targeting inflammation, complement-mediated diseases, cancers related to dysfunction of the immune system, and addictive and compulsive disorders. The company's clinical programs include Narsoplimab (OMS721/MASP-2) that has completed pivotal studies for hematopoietic stem-cell transplant-associated thrombotic microangiopathy (HSCT-TMA); that is in Phase III clinical trial for immunoglobulin A nephropathy (IgAN) and atypical hemolytic uremic syndrome (aHUS); and Phase II clinical trial to treat COVID-19. Its clinical programs also consist of PPAR? (OMS405) that is in Phase II to treat opioid and nicotine addiction; PDE7 (OMS527), which is in Phase I trial for treating addiction and compulsive disorders, and movement disorders; and MASP-3 (OMS906) that is in Phase I trial for paroxysmal nocturnal hemoglobinuria (PNH) and other alternative pathway disorders. The company's preclinical programs comprise MASP-2-small-molecule inhibitors used for the treatment of aHUS, IgAN, HSCT-TMA, and age-related macular degeneration; longer-acting second generation antibody targeting MASP-2; and MASP-3-small-molecule inhibitors to treat PNH and other alternative pathway disorders. Its preclinical programs also include GPR174 Inhibitors and Chimeric Antigen Receptor (CAR) T-Cell and Adoptive T-Cell Therapies for various cancers; and G protein-coupled receptor targets for treating immunologic, immuno-oncologic, metabolic, CNS, cardiovascular, musculoskeletal, and other disorders. The company was incorporated in 1994 and is headquartered in Seattle, Washington.
OMER (Omeros Corporation) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.04B, a trailing P/E of 12.00, a beta of 2.66 versus the broader market, a 52-week range of 2.95-17.65, average daily share volume of 1.0M, a public-listing history dating back to 2009, approximately 202 full-time employees. These structural characteristics shape how OMER stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.66 indicates OMER 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 bull call spread on OMER?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current OMER snapshot
As of May 15, 2026, spot at $12.27, ATM IV 89.50%, IV rank 20.78%, expected move 25.66%. The bull call spread on OMER 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 bull call spread structure on OMER specifically: OMER IV at 89.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a OMER bull call spread, with a market-implied 1-standard-deviation move of approximately 25.66% (roughly $3.15 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 OMER expiries trade a higher absolute premium for lower per-day decay. Position sizing on OMER should anchor to the underlying notional of $12.27 per share and to the trader's directional view on OMER stock.
OMER bull call spread setup
The OMER bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OMER near $12.27, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OMER 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 OMER shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $12.00 | $1.30 |
| Sell 1 | Call | $13.00 | $1.00 |
OMER bull call spread risk and reward
- Net Premium / Debit
- -$30.00
- Max Profit (per contract)
- $70.00
- Max Loss (per contract)
- -$30.00
- Breakeven(s)
- $12.30
- Risk / Reward Ratio
- 2.333
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
OMER bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on OMER. 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% | -$30.00 |
| $2.72 | -77.8% | -$30.00 |
| $5.43 | -55.7% | -$30.00 |
| $8.15 | -33.6% | -$30.00 |
| $10.86 | -11.5% | -$30.00 |
| $13.57 | +10.6% | +$70.00 |
| $16.28 | +32.7% | +$70.00 |
| $18.99 | +54.8% | +$70.00 |
| $21.70 | +76.9% | +$70.00 |
| $24.42 | +99.0% | +$70.00 |
When traders use bull call spread on OMER
Bull call spreads on OMER reduce the cost of a bullish OMER stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
OMER thesis for this bull call spread
The market-implied 1-standard-deviation range for OMER extends from approximately $9.12 on the downside to $15.42 on the upside. A OMER bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on OMER, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current OMER IV rank near 20.78% 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 OMER at 89.50%. As a Healthcare name, OMER options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OMER-specific events.
OMER bull call spread positions are structurally moderately 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. OMER positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OMER alongside the broader basket even when OMER-specific fundamentals are unchanged. Long-premium structures like a bull call spread on OMER are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current OMER chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on OMER?
- A bull call spread on OMER is the bull call spread strategy applied to OMER (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With OMER stock trading near $12.27, the strikes shown on this page are snapped to the nearest listed OMER chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OMER bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the OMER bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 89.50%), the computed maximum profit is $70.00 per contract and the computed maximum loss is -$30.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OMER bull call spread?
- The breakeven for the OMER bull call spread priced on this page is roughly $12.30 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 OMER market-implied 1-standard-deviation expected move is approximately 25.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on OMER?
- Bull call spreads on OMER reduce the cost of a bullish OMER stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current OMER implied volatility affect this bull call spread?
- OMER ATM IV is at 89.50% with IV rank near 20.78%, 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.