PGNY Long 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 long put on PGNY?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
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 long 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 long put 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 long put, 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 long put setup
The PGNY long 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 $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 |
PGNY long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
PGNY long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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 long put on PGNY
Long puts on PGNY hedge an existing long PGNY stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying PGNY exposure being hedged.
PGNY thesis for this long 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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long PGNY position with one put per 100 shares held. 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 long put positions are structurally 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 long put 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 long put on PGNY?
- A long put on PGNY is the long put strategy applied to PGNY (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the PGNY long 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 long put?
- The breakeven for the PGNY long 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 long put on PGNY?
- Long puts on PGNY hedge an existing long PGNY stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying PGNY exposure being hedged.
- How does current PGNY implied volatility affect this long 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.