PGNY Cash-Secured Put 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 cash-secured put on PGNY?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
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 cash-secured put 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 cash-secured put structure on PGNY specifically: PGNY IV at 40.40% is on the cheap side of its 1-year range, which means a premium-selling PGNY cash-secured put collects less credit per unit of strike-width risk, 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 cash-secured put setup
The PGNY cash-secured put 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 $21.98 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) |
|---|---|---|---|
| Sell 1 | Put | $21.98 | N/A |
PGNY cash-secured put 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
PGNY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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 cash-secured put on PGNY
Cash-secured puts on PGNY earn premium while a trader waits to acquire PGNY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PGNY.
PGNY thesis for this cash-secured put
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 cash-secured put lets a trader earn premium while waiting to acquire PGNY at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. 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 cash-secured put positions are structurally neutral to slightly 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. 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. Short-premium structures like a cash-secured put on PGNY carry tail risk when realized volatility exceeds the implied move; review historical PGNY earnings reactions and macro stress periods before sizing. Always rebuild the position from current PGNY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on PGNY?
- A cash-secured put on PGNY is the cash-secured put strategy applied to PGNY (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. 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 cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the PGNY cash-secured put 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 cash-secured put?
- The breakeven for the PGNY cash-secured put 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 cash-secured put on PGNY?
- Cash-secured puts on PGNY earn premium while a trader waits to acquire PGNY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PGNY.
- How does current PGNY implied volatility affect this cash-secured put?
- 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.