SGHT Bear Put Spread Strategy
SGHT (Sight Sciences, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Sight Sciences, Inc., an ophthalmic medical device company, engages in the development and commercialization of surgical and nonsurgical technologies for the treatment of eye diseases. The company's products include OMNI Surgical System, a therapeutic device used by ophthalmic surgeons to reduce intraocular pressure in adult glaucoma patients; and TearCare System, a wearable eyelid technology for the treatment of dry eye disease (DED) for ophthalmologists and optometrists. It offers its products through sales representatives and distributors to hospitals, medical centers, and eyecare professionals in the United States. The company was incorporated in 2010 and is headquartered in Menlo Park, California.
SGHT (Sight Sciences, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $266.6M, a beta of 2.38 versus the broader market, a 52-week range of 3.11-9.236, average daily share volume of 346K, a public-listing history dating back to 2021, approximately 216 full-time employees. These structural characteristics shape how SGHT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.38 indicates SGHT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bear put spread on SGHT?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current SGHT snapshot
As of May 15, 2026, spot at $4.97, ATM IV 206.40%, IV rank 43.69%, expected move 59.17%. The bear put spread on SGHT 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 34-day expiry.
Why this bear put spread structure on SGHT specifically: SGHT IV at 206.40% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 59.17% (roughly $2.94 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SGHT expiries trade a higher absolute premium for lower per-day decay. Position sizing on SGHT should anchor to the underlying notional of $4.97 per share and to the trader's directional view on SGHT stock.
SGHT bear put spread setup
The SGHT bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SGHT near $4.97, the first option leg uses a $4.97 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SGHT chain at a 34-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 SGHT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $4.97 | N/A |
| Sell 1 | Put | $4.72 | N/A |
SGHT bear put spread 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 equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
SGHT bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on SGHT. 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 bear put spread on SGHT
Bear put spreads on SGHT reduce the cost of a bearish SGHT stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
SGHT thesis for this bear put spread
The market-implied 1-standard-deviation range for SGHT extends from approximately $2.03 on the downside to $7.91 on the upside. A SGHT bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SGHT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SGHT IV rank near 43.69% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on SGHT should anchor more to the directional view and the expected-move geometry. As a Healthcare name, SGHT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SGHT-specific events.
SGHT bear put spread positions are structurally moderately bearish; 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. SGHT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SGHT alongside the broader basket even when SGHT-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SGHT are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current SGHT chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on SGHT?
- A bear put spread on SGHT is the bear put spread strategy applied to SGHT (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With SGHT stock trading near $4.97, the strikes shown on this page are snapped to the nearest listed SGHT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SGHT bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the SGHT bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 206.40%), 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 SGHT bear put spread?
- The breakeven for the SGHT bear put spread 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 SGHT market-implied 1-standard-deviation expected move is approximately 59.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on SGHT?
- Bear put spreads on SGHT reduce the cost of a bearish SGHT stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current SGHT implied volatility affect this bear put spread?
- SGHT ATM IV is at 206.40% with IV rank near 43.69%, 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.