ORIC Long Put Strategy
ORIC (ORIC Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
ORIC Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, discovers and develops therapies for treatment of cancers in the United States. Its clinical stage product candidates include ORIC-533, an orally bioavailable small molecule inhibitor of CD73 being developed for resistance to chemotherapy- and immunotherapy-based treatment regimens; ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 for prostate cancer; and ORIC-114, a brain penetrant orally bioavailable irreversible inhibitor designed to selectively target epidermal growth factor receptor and human epidermal growth factor receptor 2 with high potency towards exon 20 insertion mutations. The company is also developing multiple discovery stage precision medicines targeting other cancer resistance mechanisms. It has a license and collaboration agreement with Voronoi Inc.; and a license agreement with Mirati Therapeutics, Inc. The company was incorporated in 2014 and is headquartered in South San Francisco, California.
ORIC (ORIC Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $890.3M, a beta of 1.11 versus the broader market, a 52-week range of 4.535-14.93, average daily share volume of 1.9M, a public-listing history dating back to 2020, approximately 122 full-time employees. These structural characteristics shape how ORIC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.11 places ORIC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a long put on ORIC?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current ORIC snapshot
As of May 15, 2026, spot at $8.18, ATM IV 98.50%, IV rank 9.99%, expected move 28.24%. The long put on ORIC 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 long put structure on ORIC specifically: ORIC IV at 98.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a ORIC long put, with a market-implied 1-standard-deviation move of approximately 28.24% (roughly $2.31 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 ORIC expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORIC should anchor to the underlying notional of $8.18 per share and to the trader's directional view on ORIC stock.
ORIC long put setup
The ORIC long 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 ORIC near $8.18, the first option leg uses a $8.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORIC 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 ORIC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $8.00 | $0.87 |
ORIC long put risk and reward
- Net Premium / Debit
- -$87.00
- Max Profit (per contract)
- $712.00
- Max Loss (per contract)
- -$87.00
- Breakeven(s)
- $7.13
- Risk / Reward Ratio
- 8.184
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
ORIC long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on ORIC. 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% | +$712.00 |
| $1.82 | -77.8% | +$531.25 |
| $3.63 | -55.7% | +$350.49 |
| $5.43 | -33.6% | +$169.74 |
| $7.24 | -11.5% | -$11.02 |
| $9.05 | +10.6% | -$87.00 |
| $10.86 | +32.7% | -$87.00 |
| $12.66 | +54.8% | -$87.00 |
| $14.47 | +76.9% | -$87.00 |
| $16.28 | +99.0% | -$87.00 |
When traders use long put on ORIC
Long puts on ORIC hedge an existing long ORIC stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ORIC exposure being hedged.
ORIC thesis for this long put
The market-implied 1-standard-deviation range for ORIC extends from approximately $5.87 on the downside to $10.49 on the upside. A ORIC long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ORIC position with one put per 100 shares held. Current ORIC IV rank near 9.99% 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 ORIC at 98.50%. As a Healthcare name, ORIC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORIC-specific events.
ORIC long put positions are structurally bearish; 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. ORIC positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORIC alongside the broader basket even when ORIC-specific fundamentals are unchanged. Long-premium structures like a long put on ORIC 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 ORIC chain quotes before placing a trade.
Frequently asked questions
- What is a long put on ORIC?
- A long put on ORIC is the long put strategy applied to ORIC (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With ORIC stock trading near $8.18, the strikes shown on this page are snapped to the nearest listed ORIC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ORIC long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the ORIC long put priced from the end-of-day chain at a 30-day expiry (ATM IV 98.50%), the computed maximum profit is $712.00 per contract and the computed maximum loss is -$87.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ORIC long put?
- The breakeven for the ORIC long put priced on this page is roughly $7.13 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 ORIC market-implied 1-standard-deviation expected move is approximately 28.24%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on ORIC?
- Long puts on ORIC hedge an existing long ORIC stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ORIC exposure being hedged.
- How does current ORIC implied volatility affect this long put?
- ORIC ATM IV is at 98.50% with IV rank near 9.99%, 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.