OMER Covered Call 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 covered call on OMER?
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 OMER snapshot
As of May 15, 2026, spot at $12.27, ATM IV 89.50%, IV rank 20.78%, expected move 25.66%. The covered call 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 covered call 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 covered call 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 covered call setup
The OMER 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 OMER near $12.27, 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 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 100 shares | Stock | $12.27 | long |
| Sell 1 | Call | $13.00 | $1.00 |
OMER covered call risk and reward
- Net Premium / Debit
- -$1,127.00
- Max Profit (per contract)
- $173.00
- Max Loss (per contract)
- -$1,126.00
- Breakeven(s)
- $11.27
- Risk / Reward Ratio
- 0.154
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.
OMER covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call 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% | -$1,126.00 |
| $2.72 | -77.8% | -$854.81 |
| $5.43 | -55.7% | -$583.63 |
| $8.15 | -33.6% | -$312.44 |
| $10.86 | -11.5% | -$41.26 |
| $13.57 | +10.6% | +$173.00 |
| $16.28 | +32.7% | +$173.00 |
| $18.99 | +54.8% | +$173.00 |
| $21.70 | +76.9% | +$173.00 |
| $24.42 | +99.0% | +$173.00 |
When traders use covered call on OMER
Covered calls on OMER are an income strategy run on existing OMER stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
OMER thesis for this covered call
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 covered call collects premium on an existing long OMER position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether OMER will breach that level within the expiration window. 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 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. 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 covered call 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 covered call on OMER?
- A covered call on OMER is the covered call strategy applied to OMER (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 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 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 OMER covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 89.50%), the computed maximum profit is $173.00 per contract and the computed maximum loss is -$1,126.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OMER covered call?
- The breakeven for the OMER covered call priced on this page is roughly $11.27 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 covered call on OMER?
- Covered calls on OMER are an income strategy run on existing OMER 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 OMER implied volatility affect this covered call?
- 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.