PHR Collar Strategy
PHR (Phreesia, Inc.), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NYSE.
Phreesia, Inc. offers a comprehensive, cloud-based software-as-a-service (SaaS) and payment platform specifically designed for the healthcare industry in the United States and Canada. Its flagship Phreesia Platform streamlines the patient intake process and facilitates integrated patient payment processing. The platform is accessible via multiple modalities, including Phreesia Mobile (a patient-facing mobile application), Phreesia Dashboard (a web-based portal for healthcare clients), self-service tablets known as PhreesiaPads, and on-site Arrivals Kiosks. The Phreesia Platform integrates a suite of specialized modules: An automated patient self-registration system. A revenue cycle management solution providing insurance verification, point-of-sale payment applications, and cost estimation tools. Access solutions for online appointment scheduling, reminders, and referral tracking.
PHR (Phreesia, Inc.) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $622.4M, a trailing P/E of 66.83, a beta of 0.88 versus the broader market, a 52-week range of 7.77-32.76, average daily share volume of 1.9M, 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 0.88 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 66.83 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 collar on PHR?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current PHR snapshot
As of June 30, 2026, spot at $10.36, ATM IV 33.10%, IV rank 6.18%, expected move 9.49%. The collar 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 17-day expiry.
Why this collar structure on PHR specifically: IV regime affects collar pricing on both sides; compressed PHR IV at 33.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.49% (roughly $0.98 on the underlying). The 17-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 $10.36 per share and to the trader's directional view on PHR stock.
PHR collar setup
The PHR collar 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 $10.36, the first option leg uses a $10.88 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 17-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) |
|---|---|---|---|
| Buy 100 shares | Stock | $10.36 | long |
| Sell 1 | Call | $10.88 | N/A |
| Buy 1 | Put | $9.84 | N/A |
PHR collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
PHR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on PHR
Collars on PHR hedge an existing long PHR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
PHR thesis for this collar
The market-implied 1-standard-deviation range for PHR extends from approximately $9.38 on the downside to $11.34 on the upside. A PHR collar hedges an existing long PHR position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current PHR IV rank near 6.18% 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 33.10%. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current PHR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on PHR?
- A collar on PHR is the collar strategy applied to PHR (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With PHR stock trading near $10.36, 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the PHR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 33.10%), 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 PHR collar?
- The breakeven for the PHR collar 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 9.49%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on PHR?
- Collars on PHR hedge an existing long PHR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current PHR implied volatility affect this collar?
- PHR ATM IV is at 33.10% with IV rank near 6.18%, 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.