SIBN Collar Strategy
SIBN (SI-BONE, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
SI-BONE, Inc. is a medical technology company that develops and markets specialized implantable solutions for musculoskeletal conditions affecting the sacropelvic region. These devices are utilized across the United States and internationally. Its flagship product, iFuse, is a minimally invasive surgical implant system designed to address a range of indications, including sacroiliac joint dysfunction and degeneration, adult spinal deformities, and traumatic fractures of the pelvic ring. Beyond iFuse, the company offers advanced iterations like iFuse-3D. This titanium implant retains the distinctive triangular cross-section of the original iFuse but incorporates a proprietary 3D-printed porous surface and a fenestrated design. Another offering is iFuse-TORQ, a series of 3D-printed threaded implants.
SIBN (SI-BONE, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $768.6M, a beta of 0.70 versus the broader market, a 52-week range of 11.48-21.89, average daily share volume of 665K, a public-listing history dating back to 2018, approximately 349 full-time employees. These structural characteristics shape how SIBN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.70 places SIBN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on SIBN?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current SIBN snapshot
As of June 30, 2026, spot at $16.19, ATM IV 241.80%, IV rank 54.06%, expected move 69.32%. The collar on SIBN 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 17-day expiry.
Why this collar structure on SIBN specifically: IV regime affects collar pricing on both sides; mid-range SIBN IV at 241.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 69.32% (roughly $11.22 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SIBN expiries trade a higher absolute premium for lower per-day decay. Position sizing on SIBN should anchor to the underlying notional of $16.19 per share and to the trader's directional view on SIBN stock.
SIBN collar setup
The SIBN collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SIBN near $16.19, the first option leg uses a $17.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SIBN chain at a 17-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 SIBN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $16.19 | long |
| Sell 1 | Call | $17.00 | N/A |
| Buy 1 | Put | $15.38 | N/A |
SIBN collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
SIBN collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SIBN. 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 collar on SIBN
Collars on SIBN hedge an existing long SIBN stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
SIBN thesis for this collar
The market-implied 1-standard-deviation range for SIBN extends from approximately $4.97 on the downside to $27.41 on the upside. A SIBN collar hedges an existing long SIBN position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current SIBN IV rank near 54.06% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on SIBN should anchor more to the directional view and the expected-move geometry. As a Healthcare name, SIBN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SIBN-specific events.
SIBN collar positions are structurally neutral (protective); 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. SIBN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SIBN alongside the broader basket even when SIBN-specific fundamentals are unchanged. Always rebuild the position from current SIBN chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SIBN?
- A collar on SIBN is the collar strategy applied to SIBN (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With SIBN stock trading near $16.19, the strikes shown on this page are snapped to the nearest listed SIBN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SIBN collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the SIBN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 241.80%), 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 SIBN collar?
- The breakeven for the SIBN collar 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 SIBN market-implied 1-standard-deviation expected move is approximately 69.32%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SIBN?
- Collars on SIBN hedge an existing long SIBN stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current SIBN implied volatility affect this collar?
- SIBN ATM IV is at 241.80% with IV rank near 54.06%, 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.