PGNY Bear Put Spread Strategy

PGNY (Progyny, Inc.), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NASDAQ.

Progyny, Inc., a benefits management company, specializes in fertility and family building benefits solutions for employers in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists. The company also offers Progyny Rx, an integrated pharmacy benefits solution that provides its members with access to the medications needed during their treatment. In addition, it provides surrogacy and adoption reimbursement programs for employers. The company was formerly known as Auxogyn, Inc. and changed its name to Progyny, Inc. in 2015. Progyny, Inc. was incorporated in 2008 and is headquartered in New York, New York.

PGNY (Progyny, Inc.) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $1.84B, a trailing P/E of 28.10, a beta of 0.91 versus the broader market, a 52-week range of 16.1-28.75, average daily share volume of 1.9M, a public-listing history dating back to 2019, approximately 675 full-time employees. These structural characteristics shape how PGNY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.91 places PGNY 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 PGNY?

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 PGNY snapshot

As of May 15, 2026, spot at $23.14, ATM IV 40.40%, IV rank 9.57%, expected move 11.58%. The bear put spread on PGNY 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 PGNY specifically: PGNY IV at 40.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a PGNY bear put spread, with a market-implied 1-standard-deviation move of approximately 11.58% (roughly $2.68 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 PGNY expiries trade a higher absolute premium for lower per-day decay. Position sizing on PGNY should anchor to the underlying notional of $23.14 per share and to the trader's directional view on PGNY stock.

PGNY bear put spread setup

The PGNY 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 PGNY near $23.14, the first option leg uses a $23.14 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PGNY 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 PGNY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$23.14	N/A
Sell 1	Put	$21.98	N/A

PGNY 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.

PGNY bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on PGNY. 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 PGNY

Bear put spreads on PGNY reduce the cost of a bearish PGNY stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

PGNY thesis for this bear put spread

The market-implied 1-standard-deviation range for PGNY extends from approximately $20.46 on the downside to $25.82 on the upside. A PGNY bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on PGNY, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current PGNY IV rank near 9.57% 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 PGNY at 40.40%. As a Healthcare name, PGNY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PGNY-specific events.

PGNY 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. PGNY positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PGNY alongside the broader basket even when PGNY-specific fundamentals are unchanged. Long-premium structures like a bear put spread on PGNY 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 PGNY chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on PGNY?: A bear put spread on PGNY is the bear put spread strategy applied to PGNY (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 PGNY stock trading near $23.14, the strikes shown on this page are snapped to the nearest listed PGNY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PGNY 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 PGNY bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 40.40%), 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 PGNY bear put spread?: The breakeven for the PGNY 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 PGNY market-implied 1-standard-deviation expected move is approximately 11.58%; 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 PGNY?: Bear put spreads on PGNY reduce the cost of a bearish PGNY 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 PGNY implied volatility affect this bear put spread?: PGNY ATM IV is at 40.40% with IV rank near 9.57%, 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.