REPL Cash-Secured Put Strategy
REPL (Replimune Group, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Replimune Group, Inc. is a biotechnology enterprise dedicated to pioneering oncolytic immuno-gene therapies aimed at treating various cancers. The company leverages its proprietary Immunotherapy platform to engineer and advance novel therapeutic candidates designed to activate the body's immune system against malignant cells. Its leading experimental drug, RP1, is a selectively replicating variant of the herpes simplex virus 1. This candidate is presently in Phase I/II clinical trials for a range of solid tumors and has also progressed to Phase II trials specifically for patients with cutaneous squamous cell carcinoma. Replimune is additionally developing RP2, an anti-CTLA-4 antibody-like protein, which is undergoing Phase I clinical assessment. Its purpose is to counteract the immune system's suppression often mediated by CTLA-4.
REPL (Replimune Group, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $960.3M, a beta of 0.91 versus the broader market, a 52-week range of 1.5-13.24, average daily share volume of 7.8M, a public-listing history dating back to 2018, approximately 479 full-time employees. These structural characteristics shape how REPL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.91 places REPL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a cash-secured put on REPL?
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 REPL snapshot
As of June 30, 2026, spot at $11.12, ATM IV 193.06%, IV rank 42.18%, expected move 55.35%. The cash-secured put on REPL 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 31-day expiry.
Why this cash-secured put structure on REPL specifically: REPL IV at 193.06% is mid-range versus its 1-year history, so the credit collected on a REPL cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 55.35% (roughly $6.15 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated REPL expiries trade a higher absolute premium for lower per-day decay. Position sizing on REPL should anchor to the underlying notional of $11.12 per share and to the trader's directional view on REPL stock.
REPL cash-secured put setup
The REPL 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 REPL near $11.12, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed REPL chain at a 31-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 REPL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $11.00 | $2.33 |
REPL cash-secured put risk and reward
- Net Premium / Debit
- +$232.50
- Max Profit (per contract)
- $232.50
- Max Loss (per contract)
- -$866.50
- Breakeven(s)
- $8.67
- Risk / Reward Ratio
- 0.268
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
REPL cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on REPL. 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 | -99.9% | -$866.50 |
| $2.47 | -77.8% | -$620.74 |
| $4.93 | -55.7% | -$374.98 |
| $7.38 | -33.6% | -$129.22 |
| $9.84 | -11.5% | +$116.54 |
| $12.30 | +10.6% | +$232.50 |
| $14.76 | +32.7% | +$232.50 |
| $17.21 | +54.8% | +$232.50 |
| $19.67 | +76.9% | +$232.50 |
| $22.13 | +99.0% | +$232.50 |
When traders use cash-secured put on REPL
Cash-secured puts on REPL earn premium while a trader waits to acquire REPL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning REPL.
REPL thesis for this cash-secured put
The market-implied 1-standard-deviation range for REPL extends from approximately $4.97 on the downside to $17.27 on the upside. A REPL cash-secured put lets a trader earn premium while waiting to acquire REPL 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 REPL IV rank near 42.18% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on REPL should anchor more to the directional view and the expected-move geometry. As a Healthcare name, REPL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to REPL-specific events.
REPL 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. REPL positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move REPL alongside the broader basket even when REPL-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on REPL carry tail risk when realized volatility exceeds the implied move; review historical REPL earnings reactions and macro stress periods before sizing. Always rebuild the position from current REPL chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on REPL?
- A cash-secured put on REPL is the cash-secured put strategy applied to REPL (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 REPL stock trading near $11.12, the strikes shown on this page are snapped to the nearest listed REPL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are REPL 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 REPL cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 193.06%), the computed maximum profit is $232.50 per contract and the computed maximum loss is -$866.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a REPL cash-secured put?
- The breakeven for the REPL cash-secured put priced on this page is roughly $8.67 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 REPL market-implied 1-standard-deviation expected move is approximately 55.35%; 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 REPL?
- Cash-secured puts on REPL earn premium while a trader waits to acquire REPL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning REPL.
- How does current REPL implied volatility affect this cash-secured put?
- REPL ATM IV is at 193.06% with IV rank near 42.18%, 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.