OSUR Bull Call Spread Strategy
OSUR (OraSure Technologies, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
OraSure Technologies, Inc., together with its subsidiaries, develops, manufactures, markets, and sells oral fluid diagnostic products and specimen collection devices in the United States, Europe, and internationally. It operates in two segments, Diagnostics and Molecular Solutions. The company's principal products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D. saliva alcohol test. It also offers genomic products under the Oragene and ORAcollect brands; microbiome collection products; and GenoFIND genomics laboratory services. In addition, the company provides ORAcollect, RNA and OMNIgene, and RAL collection devices for use in connection with COVID-19 molecular testing; offers Colli-Pee collection device for the volumetric collection of first void urine; and manufactures and sells kits that are used to collect, stabilize, transport, and store samples of genetic material for molecular testing in the academic research and commercial applications, including ancestry, disease risk management, lifestyle, and animal testing. Further, it provides other diagnostic products, such as immunoassays and other in vitro diagnostic tests.
OSUR (OraSure Technologies, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $209.3M, a beta of 0.89 versus the broader market, a 52-week range of 2.08-3.82, average daily share volume of 495K, a public-listing history dating back to 1986, approximately 501 full-time employees. These structural characteristics shape how OSUR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.89 places OSUR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bull call spread on OSUR?
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 OSUR snapshot
As of May 15, 2026, spot at $2.99, ATM IV 75.10%, IV rank 16.00%, expected move 21.53%. The bull call spread on OSUR 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 OSUR specifically: OSUR IV at 75.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a OSUR bull call spread, with a market-implied 1-standard-deviation move of approximately 21.53% (roughly $0.64 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 OSUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on OSUR should anchor to the underlying notional of $2.99 per share and to the trader's directional view on OSUR stock.
OSUR bull call spread setup
The OSUR 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 OSUR near $2.99, the first option leg uses a $2.99 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OSUR 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 OSUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $2.99 | N/A |
| Sell 1 | Call | $3.14 | N/A |
OSUR bull call spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
OSUR bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on OSUR. 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.
When traders use bull call spread on OSUR
Bull call spreads on OSUR reduce the cost of a bullish OSUR stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
OSUR thesis for this bull call spread
The market-implied 1-standard-deviation range for OSUR extends from approximately $2.35 on the downside to $3.63 on the upside. A OSUR bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on OSUR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current OSUR IV rank near 16.00% 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 OSUR at 75.10%. As a Healthcare name, OSUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OSUR-specific events.
OSUR 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. OSUR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OSUR alongside the broader basket even when OSUR-specific fundamentals are unchanged. Long-premium structures like a bull call spread on OSUR 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 OSUR chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on OSUR?
- A bull call spread on OSUR is the bull call spread strategy applied to OSUR (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 OSUR stock trading near $2.99, the strikes shown on this page are snapped to the nearest listed OSUR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OSUR 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 OSUR bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 75.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OSUR bull call spread?
- The breakeven for the OSUR bull call spread priced on this page is no defined breakeven on the modeled curve 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 OSUR market-implied 1-standard-deviation expected move is approximately 21.53%; 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 OSUR?
- Bull call spreads on OSUR reduce the cost of a bullish OSUR 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 OSUR implied volatility affect this bull call spread?
- OSUR ATM IV is at 75.10% with IV rank near 16.00%, 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.