PHVS Long Put Strategy
PHVS (Pharvaris N.V.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Pharvaris N.V., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for rare diseases. The company develops PHA121, a small molecule bradykinin B2-receptor antagonist that is in Phase II clinical trial for the treatment of hereditary angioedema (HAE). It also develops PHVS416, an on-demand, rapid exposure soft capsule for patients suffering from acute HAE attacks and is under Phase 2 clinical trial; and PHVS719, a prophylactic extended-release tablet for HAE patients and is under Phase 1 clinical trial. It operates in the Netherlands, Switzerland, and the United States. The company was incorporated in 2015 and is based in Leiden, the Netherlands.
PHVS (Pharvaris N.V.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.15B, a beta of -2.34 versus the broader market, a 52-week range of 15.34-33.33, average daily share volume of 241K, a public-listing history dating back to 2021, approximately 108 full-time employees. These structural characteristics shape how PHVS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -2.34 indicates PHVS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a long put on PHVS?
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 PHVS snapshot
As of May 15, 2026, spot at $30.53, ATM IV 73.60%, expected move 21.10%. The long put on PHVS 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 PHVS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for PHVS is inferred from ATM IV at 73.60% alone, with a market-implied 1-standard-deviation move of approximately 21.10% (roughly $6.44 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 PHVS expiries trade a higher absolute premium for lower per-day decay. Position sizing on PHVS should anchor to the underlying notional of $30.53 per share and to the trader's directional view on PHVS stock.
PHVS long put setup
The PHVS 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 PHVS near $30.53, the first option leg uses a $30.53 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PHVS 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 PHVS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $30.53 | N/A |
PHVS 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.
PHVS long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on PHVS. 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 PHVS
Long puts on PHVS hedge an existing long PHVS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying PHVS exposure being hedged.
PHVS thesis for this long put
The market-implied 1-standard-deviation range for PHVS extends from approximately $24.09 on the downside to $36.97 on the upside. A PHVS long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long PHVS position with one put per 100 shares held. As a Healthcare name, PHVS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PHVS-specific events.
PHVS 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. PHVS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PHVS alongside the broader basket even when PHVS-specific fundamentals are unchanged. Long-premium structures like a long put on PHVS 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 PHVS chain quotes before placing a trade.
Frequently asked questions
- What is a long put on PHVS?
- A long put on PHVS is the long put strategy applied to PHVS (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 PHVS stock trading near $30.53, the strikes shown on this page are snapped to the nearest listed PHVS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PHVS 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 PHVS long put priced from the end-of-day chain at a 30-day expiry (ATM IV 73.60%), 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 PHVS long put?
- The breakeven for the PHVS 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 PHVS market-implied 1-standard-deviation expected move is approximately 21.10%; 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 PHVS?
- Long puts on PHVS hedge an existing long PHVS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying PHVS exposure being hedged.
- How does current PHVS implied volatility affect this long put?
- Current PHVS ATM IV is 73.60%; IV rank context is unavailable in the current snapshot.