PTGX Collar Strategy
PTGX (Protagonist Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Protagonist Therapeutics, Inc. is a biopharmaceutical firm dedicated to discovering and advancing peptide-based therapies. Their research primarily focuses on treatments for hematological and blood conditions, as well as inflammatory and immune-mediated disorders. The company's pipeline features rusfertide (PTG-300), an injectable hepcidin mimetic currently undergoing Phase II clinical trials for the management of polycythemia vera, hereditary hemochromatosis, and other blood-related ailments. Also in Phase II development is PN-943, an oral peptide engineered as a specific antagonist of alpha-4-beta-7 integrin, intended for addressing inflammatory bowel disease (IBD). Furthermore, they are progressing PN-235, an orally administered antagonist specifically targeting the interleukin-23 receptor, designed for both IBD and various non-IBD therapeutic applications. Protagonist Therapeutics maintains a licensing and collaborative agreement with Janssen Biotech, Inc.
PTGX (Protagonist Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $9.06B, a trailing P/E of 112.05, a beta of 1.79 versus the broader market, a 52-week range of 62.24-160.81, average daily share volume of 670K, a public-listing history dating back to 2016, approximately 141 full-time employees. These structural characteristics shape how PTGX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.79 indicates PTGX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 112.05 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 PTGX?
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.
PTGX snapshot
As of September 30, 2026, spot at $141.16, ATM IV 51.20%, IV rank 8.25%, expected move 14.68%. The collar on PTGX below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.
Why this collar structure on PTGX specifically: IV regime affects collar pricing on both sides; compressed PTGX IV at 51.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 14.68% (roughly $20.72 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PTGX expiries trade a higher absolute premium for lower per-day decay. Position sizing on PTGX should anchor to the underlying notional of $141.16 per share and to the trader's directional view on PTGX stock.
PTGX collar setup
The PTGX collar below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PTGX at $141.16 on that close, the first option leg uses a $150.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PTGX chain at a 16-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 PTGX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $141.16 | long |
| Sell 1 | Call | $150.00 | $3.35 |
| Buy 1 | Put | $135.00 | $2.95 |
PTGX collar risk and reward
- Net Premium / Debit
- -$14,076.00
- Max Profit (per contract)
- $924.00
- Max Loss (per contract)
- -$576.00
- Breakeven(s)
- $140.76
- Risk / Reward Ratio
- 1.604
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.
PTGX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on PTGX. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$576.00 |
| $31.22 | -77.9% | -$576.00 |
| $62.43 | -55.8% | -$576.00 |
| $93.64 | -33.7% | -$576.00 |
| $124.85 | -11.6% | -$576.00 |
| $156.06 | +10.6% | +$924.00 |
| $187.27 | +32.7% | +$924.00 |
| $218.48 | +54.8% | +$924.00 |
| $249.69 | +76.9% | +$924.00 |
| $280.90 | +99.0% | +$924.00 |
When traders use collar on PTGX
Collars on PTGX hedge an existing long PTGX 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.
PTGX thesis for this collar
The market-implied 1-standard-deviation range for PTGX extends from approximately $120.44 on the downside to $161.88 on the upside. A PTGX collar hedges an existing long PTGX 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 PTGX IV rank near 8.25% 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 PTGX at 51.20%. As a Healthcare name, PTGX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PTGX-specific events.
PTGX 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. PTGX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PTGX alongside the broader basket even when PTGX-specific fundamentals are unchanged. Always rebuild the position from current PTGX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on PTGX?
- A collar on PTGX is the collar strategy applied to PTGX (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 PTGX stock at $141.16 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed PTGX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PTGX 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 PTGX collar priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.20%), the computed maximum profit is $924.00 per contract and the computed maximum loss is -$576.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PTGX collar?
- The breakeven for the PTGX collar priced on this page is roughly $140.76 at expiration, derived from the September 30, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The PTGX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on PTGX?
- Collars on PTGX hedge an existing long PTGX 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 PTGX implied volatility affect this collar?
- PTGX ATM IV is at 51.20% with IV rank near 8.25%, 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.