PLX Collar Strategy
PLX (Protalix BioTherapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on AMEX.
Protalix BioTherapeutics, Inc., a biopharmaceutical company, engages in the development, production, and commercialization of recombinant therapeutic proteins based on the ProCellEx plant cell-based protein expression system. The company provides Elelyso for the treatment of Gaucher disease; and Elfabrio for the treatment of adult patients with a confirmed diagnosis of Fabry disease. It is also developing PRX-115, a plant cell expressed recombinant PEGylated Uricase, which is in Phase 2 trial for the treatment of gout; and PRX-119, a plant cell expressed PEGylated recombinant human DNase I product candidate for the treatment of neutrophil extracellular traps diseases. The company has agreements and partnerships with Pfizer; Fundação Oswaldo Cruz; and Chiesi Farmaceutici S.p.A. Protalix BioTherapeutics, Inc. has strategic partnership with Secarna Pharmaceuticals GmbH & Co KG. The company is headquartered in Hackensack.
PLX (Protalix BioTherapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $185.3M, a trailing P/E of 11.98, a beta of 0.01 versus the broader market, a 52-week range of 1.36-3.19, average daily share volume of 765K, a public-listing history dating back to 1998, approximately 231 full-time employees. These structural characteristics shape how PLX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.01 indicates PLX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 11.98 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a collar on PLX?
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 PLX snapshot
As of June 29, 2026, spot at $2.34, ATM IV 24.60%, IV rank 2.43%, expected move 7.05%. The collar on PLX 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 18-day expiry.
Why this collar structure on PLX specifically: IV regime affects collar pricing on both sides; compressed PLX IV at 24.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 7.05% (roughly $0.17 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PLX expiries trade a higher absolute premium for lower per-day decay. Position sizing on PLX should anchor to the underlying notional of $2.34 per share and to the trader's directional view on PLX stock.
PLX collar setup
The PLX 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 PLX near $2.34, the first option leg uses a $2.46 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PLX chain at a 18-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 PLX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $2.34 | long |
| Sell 1 | Call | $2.46 | N/A |
| Buy 1 | Put | $2.22 | N/A |
PLX 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.
PLX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on PLX. 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 PLX
Collars on PLX hedge an existing long PLX 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.
PLX thesis for this collar
The market-implied 1-standard-deviation range for PLX extends from approximately $2.17 on the downside to $2.51 on the upside. A PLX collar hedges an existing long PLX 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 PLX IV rank near 2.43% 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 PLX at 24.60%. As a Healthcare name, PLX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PLX-specific events.
PLX 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. PLX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PLX alongside the broader basket even when PLX-specific fundamentals are unchanged. Always rebuild the position from current PLX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on PLX?
- A collar on PLX is the collar strategy applied to PLX (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 PLX stock trading near $2.34, the strikes shown on this page are snapped to the nearest listed PLX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PLX 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 PLX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 24.60%), 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 PLX collar?
- The breakeven for the PLX 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 PLX market-implied 1-standard-deviation expected move is approximately 7.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on PLX?
- Collars on PLX hedge an existing long PLX 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 PLX implied volatility affect this collar?
- PLX ATM IV is at 24.60% with IV rank near 2.43%, 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.