SGRY Long Call Strategy

SGRY (Surgery Partners, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.

Surgery Partners, Inc., through its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company operates through two segments, Surgical Facility Services and Ancillary Services. Its surgical facilities comprise ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including gastroenterology, general surgery, ophthalmology, orthopedics, and pain management. The company's surgical hospitals also provide ancillary services, such as diagnostic imaging, pharmacy, laboratory, obstetrics, oncology, physical therapy, and wound care; and ancillary services, which consist of multi-specialty physician practices, urgent care facilities, and anesthesia services. As of December 31, 2021, it owned or operated a portfolio of 126 surgical facilities, including 108 ambulatory surgical centers and 18 surgical hospitals in 31 states. Surgery Partners, Inc. was founded in 2004 and is headquartered in Brentwood, Tennessee.

SGRY (Surgery Partners, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $1.87B, a beta of 1.99 versus the broader market, a 52-week range of 11.41-24.18, average daily share volume of 1.6M, a public-listing history dating back to 2015, approximately 15K full-time employees. These structural characteristics shape how SGRY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.99 indicates SGRY 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 long call on SGRY?

A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.

Current SGRY snapshot

As of May 15, 2026, spot at $13.89, ATM IV 53.10%, IV rank 30.10%, expected move 15.22%. The long call on SGRY 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 long call structure on SGRY specifically: SGRY IV at 53.10% 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 15.22% (roughly $2.11 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 SGRY expiries trade a higher absolute premium for lower per-day decay. Position sizing on SGRY should anchor to the underlying notional of $13.89 per share and to the trader's directional view on SGRY stock.

SGRY long call setup

The SGRY long call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SGRY near $13.89, the first option leg uses a $13.89 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SGRY 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 SGRY shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Buy 1Call$13.89N/A

SGRY long call 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 is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.

SGRY long call payoff curve

Modeled P&L at expiration across a range of underlying prices for the long call on SGRY. 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 long call on SGRY

Long calls on SGRY express a bullish thesis with defined risk; traders use them ahead of SGRY catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.

SGRY thesis for this long call

The market-implied 1-standard-deviation range for SGRY extends from approximately $11.78 on the downside to $16.00 on the upside. A SGRY long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. Current SGRY IV rank near 30.10% is mid-range against its 1-year distribution, so the IV signal is neutral; the long call thesis on SGRY should anchor more to the directional view and the expected-move geometry. As a Healthcare name, SGRY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SGRY-specific events.

SGRY long call positions are structurally 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. SGRY positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SGRY alongside the broader basket even when SGRY-specific fundamentals are unchanged. Long-premium structures like a long call on SGRY 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 SGRY chain quotes before placing a trade.

Frequently asked questions

What is a long call on SGRY?
A long call on SGRY is the long call strategy applied to SGRY (stock). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. With SGRY stock trading near $13.89, the strikes shown on this page are snapped to the nearest listed SGRY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SGRY long call max profit and max loss calculated?
Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the SGRY long call priced from the end-of-day chain at a 30-day expiry (ATM IV 53.10%), 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 SGRY long call?
The breakeven for the SGRY long call 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 SGRY market-implied 1-standard-deviation expected move is approximately 15.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long call on SGRY?
Long calls on SGRY express a bullish thesis with defined risk; traders use them ahead of SGRY catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
How does current SGRY implied volatility affect this long call?
SGRY ATM IV is at 53.10% with IV rank near 30.10%, 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.

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