ORKA Long Put Strategy
ORKA (Oruka Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Oruka Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing novel monoclonal antibody therapeutics for psoriasis (PsO), and other inflammatory and immunology (I&I) indications. Its lead products include ORKA-001 that targets p19 subunit of interleukin-23, which is in phase 2a trial for the treatment of PsO; and ORKA-002 that targets interleukin-17A and interleukin-17F, which is in phase 2 trial for the treatment of PsO, psoriatic arthritis, and other conditions. The company also develops ORKA-003 for targeting an undisclosed pathway; and ORKA-021, a sequential combination regimen of ORKA-002 and ORKA-001. Oruka Therapeutics, Inc. is headquartered in Menlo Park, California.
ORKA (Oruka Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $6.48B, a beta of -0.39 versus the broader market, a 52-week range of 14.03-109.415, average daily share volume of 1.6M, a public-listing history dating back to 1997, approximately 68 full-time employees. These structural characteristics shape how ORKA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.39 indicates ORKA has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ORKA pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on ORKA?
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.
ORKA snapshot
As of August 14, 2026, spot at $109.93, ATM IV 80.80%, IV rank 13.57%, expected move 23.16%. The long put on ORKA below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this long put structure on ORKA specifically: ORKA IV at 80.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a ORKA long put, with a market-implied 1-standard-deviation move of approximately 23.16% (roughly $25.46 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ORKA expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORKA should anchor to the underlying notional of $109.93 per share and to the trader's directional view on ORKA stock.
ORKA long put setup
The ORKA long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ORKA at $109.93 on that close, the first option leg uses a $110.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORKA chain at a 35-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 ORKA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $110.00 | $11.55 |
ORKA long put risk and reward
- Net Premium / Debit
- -$1,155.00
- Max Profit (per contract)
- $9,844.00
- Max Loss (per contract)
- -$1,155.00
- Breakeven(s)
- $98.45
- Risk / Reward Ratio
- 8.523
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
ORKA long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on ORKA. 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 | -100.0% | +$9,844.00 |
| $24.32 | -77.9% | +$7,413.50 |
| $48.62 | -55.8% | +$4,982.99 |
| $72.93 | -33.7% | +$2,552.49 |
| $97.23 | -11.6% | +$121.99 |
| $121.54 | +10.6% | -$1,155.00 |
| $145.84 | +32.7% | -$1,155.00 |
| $170.15 | +54.8% | -$1,155.00 |
| $194.45 | +76.9% | -$1,155.00 |
| $218.76 | +99.0% | -$1,155.00 |
When traders use long put on ORKA
Long puts on ORKA hedge an existing long ORKA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ORKA exposure being hedged.
ORKA thesis for this long put
The market-implied 1-standard-deviation range for ORKA extends from approximately $84.47 on the downside to $135.39 on the upside. A ORKA long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ORKA position with one put per 100 shares held. Current ORKA IV rank near 13.57% 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 ORKA at 80.80%. As a Healthcare name, ORKA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORKA-specific events.
ORKA 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. ORKA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORKA alongside the broader basket even when ORKA-specific fundamentals are unchanged. Long-premium structures like a long put on ORKA 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 ORKA chain quotes before placing a trade.
Frequently asked questions
- What is a long put on ORKA?
- A long put on ORKA is the long put strategy applied to ORKA (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 ORKA stock at $109.93 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ORKA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ORKA 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 ORKA long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 80.80%), the computed maximum profit is $9,844.00 per contract and the computed maximum loss is -$1,155.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ORKA long put?
- The breakeven for the ORKA long put priced on this page is roughly $98.45 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ORKA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.16%; 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 ORKA?
- Long puts on ORKA hedge an existing long ORKA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ORKA exposure being hedged.
- How does current ORKA implied volatility affect this long put?
- ORKA ATM IV is at 80.80% with IV rank near 13.57%, 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.