OMER Cash-Secured Put 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 cash-secured put on OMER?
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 OMER snapshot
As of May 15, 2026, spot at $12.27, ATM IV 89.50%, IV rank 20.78%, expected move 25.66%. The cash-secured put 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 cash-secured put structure on OMER specifically: OMER IV at 89.50% is on the cheap side of its 1-year range, which means a premium-selling OMER cash-secured put collects less credit per unit of strike-width risk, 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 cash-secured put setup
The OMER 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 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) |
|---|---|---|---|
| Sell 1 | Put | $12.00 | $1.53 |
OMER cash-secured put risk and reward
- Net Premium / Debit
- +$152.50
- Max Profit (per contract)
- $152.50
- Max Loss (per contract)
- -$1,046.50
- Breakeven(s)
- $10.48
- Risk / Reward Ratio
- 0.146
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
OMER cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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% | -$1,046.50 |
| $2.72 | -77.8% | -$775.31 |
| $5.43 | -55.7% | -$504.13 |
| $8.15 | -33.6% | -$232.94 |
| $10.86 | -11.5% | +$38.24 |
| $13.57 | +10.6% | +$152.50 |
| $16.28 | +32.7% | +$152.50 |
| $18.99 | +54.8% | +$152.50 |
| $21.70 | +76.9% | +$152.50 |
| $24.42 | +99.0% | +$152.50 |
When traders use cash-secured put on OMER
Cash-secured puts on OMER earn premium while a trader waits to acquire OMER stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning OMER.
OMER thesis for this cash-secured put
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 cash-secured put lets a trader earn premium while waiting to acquire OMER 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 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 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. 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. Short-premium structures like a cash-secured put on OMER carry tail risk when realized volatility exceeds the implied move; review historical OMER earnings reactions and macro stress periods before sizing. Always rebuild the position from current OMER chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on OMER?
- A cash-secured put on OMER is the cash-secured put strategy applied to OMER (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 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 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 OMER cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 89.50%), the computed maximum profit is $152.50 per contract and the computed maximum loss is -$1,046.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OMER cash-secured put?
- The breakeven for the OMER cash-secured put priced on this page is roughly $10.48 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 cash-secured put on OMER?
- Cash-secured puts on OMER earn premium while a trader waits to acquire OMER stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning OMER.
- How does current OMER implied volatility affect this cash-secured put?
- 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.