RIGL Cash-Secured Put Strategy
RIGL (Rigel Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Rigel Pharmaceuticals, Inc., a biotechnology company, develops and provides therapies that enhance the lives of patients with hematologic disorders and cancer in the United States. The company offers TAVALISSE, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; REZLIDHIA, a non-intensive monotherapy to treat adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC), as well as to treat adult and pediatric patients twelve years of age and older with advanced or metastatic RET fusion-positive thyroid cancer. It also develops R289, an oral interleukin receptor-associated kinases 1 and 4 (IRAK1/4) inhibitor, which is being advanced to Phase 1b study for the treatment of hematology-oncology, autoimmune, and inflammatory diseases, as well as to treat lower-risk myelodysplastic syndrome. The company has strategic development collaboration with The University of Texas MD Anderson Cancer Center (MDACC) for the development of olutasidenib in AML and other hematologic cancers with IDH1mutations; and the Collaborative Network for Neuro-Oncology Clinical Trial (CONNECT) to conduct a Phase 2 clinical trial to evaluate olutasidenib in combination with temozolomide in patients with high-grade glioma harboring an IDH1 mutation. Rigel Pharmaceuticals, Inc. was incorporated in 1996 and is headquartered in South San Francisco, California.
RIGL (Rigel Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $715.8M, a trailing P/E of 1.96, a beta of 1.18 versus the broader market, a 52-week range of 18.24-52.24, average daily share volume of 387K, a public-listing history dating back to 2000, approximately 174 full-time employees. These structural characteristics shape how RIGL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.18 places RIGL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 1.96 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 cash-secured put on RIGL?
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 RIGL snapshot
As of June 29, 2026, spot at $38.73, ATM IV 56.90%, IV rank 10.63%, expected move 16.31%. The cash-secured put on RIGL 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 cash-secured put structure on RIGL specifically: RIGL IV at 56.90% is on the cheap side of its 1-year range, which means a premium-selling RIGL cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.31% (roughly $6.32 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 RIGL expiries trade a higher absolute premium for lower per-day decay. Position sizing on RIGL should anchor to the underlying notional of $38.73 per share and to the trader's directional view on RIGL stock.
RIGL cash-secured put setup
The RIGL 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 RIGL near $38.73, the first option leg uses a $37.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RIGL 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 RIGL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $37.00 | $1.50 |
RIGL cash-secured put risk and reward
- Net Premium / Debit
- +$150.00
- Max Profit (per contract)
- $150.00
- Max Loss (per contract)
- -$3,549.00
- Breakeven(s)
- $35.50
- Risk / Reward Ratio
- 0.042
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
RIGL cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on RIGL. 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% | -$3,549.00 |
| $8.57 | -77.9% | -$2,692.77 |
| $17.13 | -55.8% | -$1,836.54 |
| $25.70 | -33.7% | -$980.31 |
| $34.26 | -11.5% | -$124.08 |
| $42.82 | +10.6% | +$150.00 |
| $51.38 | +32.7% | +$150.00 |
| $59.95 | +54.8% | +$150.00 |
| $68.51 | +76.9% | +$150.00 |
| $77.07 | +99.0% | +$150.00 |
When traders use cash-secured put on RIGL
Cash-secured puts on RIGL earn premium while a trader waits to acquire RIGL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RIGL.
RIGL thesis for this cash-secured put
The market-implied 1-standard-deviation range for RIGL extends from approximately $32.41 on the downside to $45.05 on the upside. A RIGL cash-secured put lets a trader earn premium while waiting to acquire RIGL 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 RIGL IV rank near 10.63% 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 RIGL at 56.90%. As a Healthcare name, RIGL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RIGL-specific events.
RIGL 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. RIGL positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RIGL alongside the broader basket even when RIGL-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on RIGL carry tail risk when realized volatility exceeds the implied move; review historical RIGL earnings reactions and macro stress periods before sizing. Always rebuild the position from current RIGL chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on RIGL?
- A cash-secured put on RIGL is the cash-secured put strategy applied to RIGL (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 RIGL stock trading near $38.73, the strikes shown on this page are snapped to the nearest listed RIGL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RIGL 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 RIGL cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 56.90%), the computed maximum profit is $150.00 per contract and the computed maximum loss is -$3,549.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RIGL cash-secured put?
- The breakeven for the RIGL cash-secured put priced on this page is roughly $35.50 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 RIGL market-implied 1-standard-deviation expected move is approximately 16.31%; 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 RIGL?
- Cash-secured puts on RIGL earn premium while a trader waits to acquire RIGL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RIGL.
- How does current RIGL implied volatility affect this cash-secured put?
- RIGL ATM IV is at 56.90% with IV rank near 10.63%, 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.