REGN Cash-Secured Put Strategy
REGN (Regeneron Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Regeneron Pharmaceuticals, Inc. is a global biopharmaceutical enterprise focused on discovering, inventing, developing, manufacturing, and bringing to market medical treatments for a wide array of illnesses. Its therapeutic portfolio includes EYLEA, an injection used to treat various ophthalmic conditions such as wet age-related macular degeneration, diabetic macular edema, myopic choroidal neovascularization, diabetic retinopathy, and macular edema resulting from retinal vein occlusion (both central and branch). Other significant offerings are Dupixent, an injectable solution for atopic dermatitis and asthma in both adults and pediatric patients; Libtayo, indicated for metastatic or locally advanced cutaneous squamous cell carcinoma; Praluent, an injection prescribed for adults with heterozygous familial hypercholesterolemia or clinical atherosclerotic cardiovascular disease; REGEN-COV for COVID-19; and Kevzara, a solution targeting rheumatoid arthritis in adult patients. Furthermore, Regeneron provides Inmazeb for infections caused by Zaire ebolavirus; ARCALYST, an injection for cryopyrin-associated periodic syndromes, including familial cold auto-inflammatory syndrome and Muckle-Wells syndrome; and ZALTRAP, an intravenous infusion used in the treatment of metastatic colorectal cancer. In addition to its existing product lineup, the company is actively engaged in developing novel product candidates aimed at addressing unmet medical needs in areas such as ocular diseases, allergic and inflammatory conditions, cardiovascular and metabolic disorders, infectious diseases, rare diseases, cancer, pain management, and hematologic conditions. Regeneron maintains extensive collaboration and licensing agreements with a diverse range of partners, including Sanofi, Bayer, Teva Pharmaceutical Industries Ltd., Mitsubishi Tanabe Pharma Corporation, Alnylam Pharmaceuticals, Inc., Roche Pharmaceuticals, and Kiniksa Pharmaceuticals, Ltd.
REGN (Regeneron Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $65.20B, a trailing P/E of 14.88, a beta of 0.24 versus the broader market, a 52-week range of 518.9-821.11, average daily share volume of 964K, a public-listing history dating back to 1991, approximately 15K full-time employees. These structural characteristics shape how REGN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.24 indicates REGN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. REGN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on REGN?
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 REGN snapshot
As of June 29, 2026, spot at $633.31, ATM IV 35.12%, IV rank 39.37%, expected move 10.07%. The cash-secured put on REGN 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 32-day expiry.
Why this cash-secured put structure on REGN specifically: REGN IV at 35.12% is mid-range versus its 1-year history, so the credit collected on a REGN cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.07% (roughly $63.77 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated REGN expiries trade a higher absolute premium for lower per-day decay. Position sizing on REGN should anchor to the underlying notional of $633.31 per share and to the trader's directional view on REGN stock.
REGN cash-secured put setup
The REGN 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 REGN near $633.31, the first option leg uses a $600.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed REGN chain at a 32-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 REGN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $600.00 | $13.85 |
REGN cash-secured put risk and reward
- Net Premium / Debit
- +$1,385.00
- Max Profit (per contract)
- $1,385.00
- Max Loss (per contract)
- -$58,614.00
- Breakeven(s)
- $586.15
- Risk / Reward Ratio
- 0.024
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
REGN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on REGN. 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% | -$58,614.00 |
| $140.04 | -77.9% | -$44,611.28 |
| $280.06 | -55.8% | -$30,608.55 |
| $420.09 | -33.7% | -$16,605.83 |
| $560.12 | -11.6% | -$2,603.11 |
| $700.15 | +10.6% | +$1,385.00 |
| $840.17 | +32.7% | +$1,385.00 |
| $980.20 | +54.8% | +$1,385.00 |
| $1,120.23 | +76.9% | +$1,385.00 |
| $1,260.26 | +99.0% | +$1,385.00 |
When traders use cash-secured put on REGN
Cash-secured puts on REGN earn premium while a trader waits to acquire REGN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning REGN.
REGN thesis for this cash-secured put
The market-implied 1-standard-deviation range for REGN extends from approximately $569.54 on the downside to $697.08 on the upside. A REGN cash-secured put lets a trader earn premium while waiting to acquire REGN 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 REGN IV rank near 39.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on REGN should anchor more to the directional view and the expected-move geometry. As a Healthcare name, REGN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to REGN-specific events.
REGN 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. REGN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move REGN alongside the broader basket even when REGN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on REGN carry tail risk when realized volatility exceeds the implied move; review historical REGN earnings reactions and macro stress periods before sizing. Always rebuild the position from current REGN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on REGN?
- A cash-secured put on REGN is the cash-secured put strategy applied to REGN (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 REGN stock trading near $633.31, the strikes shown on this page are snapped to the nearest listed REGN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are REGN 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 REGN cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 35.12%), the computed maximum profit is $1,385.00 per contract and the computed maximum loss is -$58,614.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a REGN cash-secured put?
- The breakeven for the REGN cash-secured put priced on this page is roughly $586.15 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 REGN market-implied 1-standard-deviation expected move is approximately 10.07%; 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 REGN?
- Cash-secured puts on REGN earn premium while a trader waits to acquire REGN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning REGN.
- How does current REGN implied volatility affect this cash-secured put?
- REGN ATM IV is at 35.12% with IV rank near 39.37%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.