OSUR Collar 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 collar on OSUR?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
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 collar 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 collar structure on OSUR specifically: IV regime affects collar pricing on both sides; compressed OSUR IV at 75.10% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The OSUR collar 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 $3.14 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 100 shares | Stock | $2.99 | long |
| Sell 1 | Call | $3.14 | N/A |
| Buy 1 | Put | $2.84 | N/A |
OSUR collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
OSUR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on OSUR
Collars on OSUR hedge an existing long OSUR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
OSUR thesis for this collar
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 collar hedges an existing long OSUR position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current OSUR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on OSUR?
- A collar on OSUR is the collar strategy applied to OSUR (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the OSUR collar 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 collar?
- The breakeven for the OSUR collar 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 collar on OSUR?
- Collars on OSUR hedge an existing long OSUR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current OSUR implied volatility affect this collar?
- 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.