PGEN Bear Put Spread Strategy
PGEN (Precigen, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Precigen, Inc. discovers and develops the next generation of gene and cellular therapies in the United States. It also provides disease-modifying therapeutics; genetically engineered swine for regenerative medicine applications; and reproductive and embryo transfer technologies. In addition, the company offers UltraVector platform that incorporates advanced DNA construction technologies and computational models to design and assemble genetic components into complex gene expression programs; mbIL15, a gene that enhances functional characteristics of immune cells; Sleeping Beauty, a non-viral transposon/transposase system; AttSite recombinases, which breaks and rejoins DNA at specific sequences; AdenoVerse technology platform, a library of engineered adenovector serotypes; and L. lactis is a food-grade bacterium. Additionally, it provides RheoSwitch, an inducible gene switch system that provides quantitative dose-proportionate regulation of the amount and timing of target protein expression; kill switches to selectively eliminate cell therapies in vivo; tissue-specific promoters; UltraCAR-T platform for the treatment of cancer; AdenoVerse Immunotherapy, a library of proprietary adenovectors for the gene delivery; and ActoBiotics platform, genetically modified bacteria that deliver proteins and peptides at mucosal sites. Precigen, Inc. has collaboration and license agreements with Alaunos Therapeutics, Inc.; Ares Trading S.A.; Oragenics, Inc.; Castle Creek Biosciences, Inc.; Intrexon Energy Partners, LLC; and Intrexon Energy Partners II, LLC. The company was formerly known as Intrexon Corporation and changed its name to Precigen, Inc. in January 2020.
PGEN (Precigen, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.25B, a beta of 1.07 versus the broader market, a 52-week range of 1.26-5.47, average daily share volume of 4.5M, a public-listing history dating back to 2013, approximately 143 full-time employees. These structural characteristics shape how PGEN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.07 places PGEN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on PGEN?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current PGEN snapshot
As of May 15, 2026, spot at $4.46, ATM IV 63.10%, IV rank 3.39%, expected move 18.09%. The bear put spread on PGEN 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 bear put spread structure on PGEN specifically: PGEN IV at 63.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a PGEN bear put spread, with a market-implied 1-standard-deviation move of approximately 18.09% (roughly $0.81 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 PGEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on PGEN should anchor to the underlying notional of $4.46 per share and to the trader's directional view on PGEN stock.
PGEN bear put spread setup
The PGEN bear put 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 PGEN near $4.46, the first option leg uses a $4.46 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PGEN 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 PGEN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $4.46 | N/A |
| Sell 1 | Put | $4.24 | N/A |
PGEN bear put 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-put strike minus net debit.
PGEN bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on PGEN. 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 bear put spread on PGEN
Bear put spreads on PGEN reduce the cost of a bearish PGEN stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
PGEN thesis for this bear put spread
The market-implied 1-standard-deviation range for PGEN extends from approximately $3.65 on the downside to $5.27 on the upside. A PGEN bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on PGEN, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current PGEN IV rank near 3.39% 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 PGEN at 63.10%. As a Healthcare name, PGEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PGEN-specific events.
PGEN bear put spread positions are structurally moderately 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. PGEN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PGEN alongside the broader basket even when PGEN-specific fundamentals are unchanged. Long-premium structures like a bear put spread on PGEN 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 PGEN chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on PGEN?
- A bear put spread on PGEN is the bear put spread strategy applied to PGEN (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With PGEN stock trading near $4.46, the strikes shown on this page are snapped to the nearest listed PGEN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PGEN bear put 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-put strike minus net debit. For the PGEN bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 63.10%), 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 PGEN bear put spread?
- The breakeven for the PGEN bear put 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 PGEN market-implied 1-standard-deviation expected move is approximately 18.09%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on PGEN?
- Bear put spreads on PGEN reduce the cost of a bearish PGEN stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current PGEN implied volatility affect this bear put spread?
- PGEN ATM IV is at 63.10% with IV rank near 3.39%, 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.