PHR Cash-Secured Put Strategy
PHR (Phreesia, Inc.), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NYSE.
Phreesia, Inc. provides an integrated SaaS-based software and payment platform for the healthcare industry in the United States and Canada. Its Phreesia Platform offers a suite of solutions to manage the patient intake process, as well as an integrated payments solution for processing of patient payments. The company deploys its platform in a range of modalities, such as Phreesia Mobile, a patients' mobile device; Phreesia Dashboard, a web-based dashboard for healthcare services clients; PhreesiaPads, which are self-service intake tablets; and Arrivals Kiosks that are on-site kiosks. Its Phreesia Platform also provides a registration solution to automate patient self-registration; revenue cycle solution, which offer insurance-verification processes, point-of-sale payments applications, and cost estimation tools; access solutions that offers appointment scheduling system for online appointments, reminders, and referral tracking; and life sciences solution to deliver targeted and clinically relevant marketing content to patients. In addition, the company's Phreesia Platform offers clinical support solution, which collects clinical intake and patient reported outcome (PRO) data for approximately 25 specialties, as well as enables healthcare services clients to communicate with their patients through surveys, announcements, text and email messaging, and health campaigns; and COVID-19 support modules for managing COVID-19 vaccine delivery and identify vaccine-hesitant patients, screening for self-reported COVID-19 risk factors, enabling contactless check-in during in-person visits, and collecting intake information during telehealth visits. It serves patients; single-specialty practices, multi-specialty groups, and health systems; and pharmaceutical, medical device, and biotechnology companies.
PHR (Phreesia, Inc.) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $558.4M, a trailing P/E of 238.07, a beta of 0.89 versus the broader market, a 52-week range of 7.77-32.76, average daily share volume of 2.0M, a public-listing history dating back to 2019, approximately 2K full-time employees. These structural characteristics shape how PHR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.89 places PHR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 238.07 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a cash-secured put on PHR?
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 PHR snapshot
As of May 15, 2026, spot at $8.79, ATM IV 72.20%, IV rank 16.28%, expected move 20.70%. The cash-secured put on PHR 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 PHR specifically: PHR IV at 72.20% is on the cheap side of its 1-year range, which means a premium-selling PHR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.70% (roughly $1.82 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 PHR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PHR should anchor to the underlying notional of $8.79 per share and to the trader's directional view on PHR stock.
PHR cash-secured put setup
The PHR 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 PHR near $8.79, the first option leg uses a $8.35 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PHR 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 PHR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $8.35 | N/A |
PHR 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.
PHR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on PHR. 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 PHR
Cash-secured puts on PHR earn premium while a trader waits to acquire PHR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PHR.
PHR thesis for this cash-secured put
The market-implied 1-standard-deviation range for PHR extends from approximately $6.97 on the downside to $10.61 on the upside. A PHR cash-secured put lets a trader earn premium while waiting to acquire PHR 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 PHR IV rank near 16.28% 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 PHR at 72.20%. As a Healthcare name, PHR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PHR-specific events.
PHR 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. PHR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PHR alongside the broader basket even when PHR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on PHR carry tail risk when realized volatility exceeds the implied move; review historical PHR earnings reactions and macro stress periods before sizing. Always rebuild the position from current PHR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on PHR?
- A cash-secured put on PHR is the cash-secured put strategy applied to PHR (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 PHR stock trading near $8.79, the strikes shown on this page are snapped to the nearest listed PHR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PHR 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 PHR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 72.20%), 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 PHR cash-secured put?
- The breakeven for the PHR 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 PHR market-implied 1-standard-deviation expected move is approximately 20.70%; 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 PHR?
- Cash-secured puts on PHR earn premium while a trader waits to acquire PHR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PHR.
- How does current PHR implied volatility affect this cash-secured put?
- PHR ATM IV is at 72.20% with IV rank near 16.28%, 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.