PBLS Straddle Strategy
PBLS (Parabilis Medicines, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Fog Pharmaceuticals, Inc. is a clinical-stage pharmaceutical company. It discovers and develops cell-penetrating miniproteins (CPMPs), which are specifically designed to target cancer-causing proteins inside cancer cells and neutralize them. The company was founded by Gregory L. Verdine, WeiQing Zhou and David Philip Lane in 2015 and is headquartered in Cambridge, MA.
PBLS (Parabilis Medicines, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $4.36B, a beta of 0.00 versus the broader market, a 52-week range of 24.51-37.83, average daily share volume of 739K, a public-listing history dating back to 2026, approximately 145 full-time employees. These structural characteristics shape how PBLS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates PBLS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a straddle on PBLS?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
PBLS snapshot
As of August 14, 2026, spot at $37.68, ATM IV 87.10%, expected move 24.97%. The straddle on PBLS below is built from the 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 straddle structure on PBLS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for PBLS is inferred from ATM IV at 87.10% alone, with a market-implied 1-standard-deviation move of approximately 24.97% (roughly $9.41 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 PBLS expiries trade a higher absolute premium for lower per-day decay. Position sizing on PBLS should anchor to the underlying notional of $37.68 per share and to the trader's directional view on PBLS stock.
PBLS straddle setup
The PBLS straddle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PBLS at $37.68 on that close, the first option leg uses a $37.68 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PBLS 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 PBLS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $37.68 | N/A |
| Buy 1 | Put | $37.68 | N/A |
PBLS straddle 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
Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
PBLS straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on PBLS. 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 straddle on PBLS
Straddles on PBLS are pure-volatility plays that profit from large moves in either direction; traders typically buy PBLS straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
PBLS thesis for this straddle
The market-implied 1-standard-deviation range for PBLS extends from approximately $28.27 on the downside to $47.09 on the upside. A PBLS long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. As a Healthcare name, PBLS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PBLS-specific events.
PBLS straddle positions are structurally neutral / high-volatility (long premium); 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. PBLS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PBLS alongside the broader basket even when PBLS-specific fundamentals are unchanged. Always rebuild the position from current PBLS chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on PBLS?
- A straddle on PBLS is the straddle strategy applied to PBLS (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With PBLS stock at $37.68 on the most recent close, the strikes shown on this page are snapped to the nearest listed PBLS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PBLS straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the PBLS straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 87.10%), 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 PBLS straddle?
- The breakeven for the PBLS straddle priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 PBLS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on PBLS?
- Straddles on PBLS are pure-volatility plays that profit from large moves in either direction; traders typically buy PBLS straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current PBLS implied volatility affect this straddle?
- Current PBLS ATM IV is 87.10%; IV rank context is unavailable in the current snapshot.