SNDX Bear Put Spread Strategy
SNDX (Syndax Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Syndax Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical firm focused on developing innovative therapies for cancer. Among its leading investigational products are SNDX-5613, currently undergoing Phase 1/2 clinical assessment, which targets the Menin-mixed lineage leukemia 1 protein interaction for treating MLL-rearranged (MLLr) and nucleophosmin 1 mutant acute myeloid leukemia (NPM1c AML). Another significant candidate is SNDX-6352, or axatilimab, a monoclonal antibody designed to block the colony stimulating factor 1 (CSF-1) receptor, intended for patients suffering from chronic graft versus host disease (cGVHD). The company is additionally progressing Entinostat. Syndax has also established strategic collaborations, including a research and development agreement with the National Cancer Institute, a clinical trial agreement with the Eastern Cooperative Oncology Group, and a license agreement with Kyowa Hakko Kirin Co., Ltd. Founded in 2005, Syndax Pharmaceuticals, Inc. maintains its corporate headquarters in Waltham, Massachusetts.
SNDX (Syndax Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.89B, a beta of 0.39 versus the broader market, a 52-week range of 8.585-25.59, average daily share volume of 1.8M, a public-listing history dating back to 2016, approximately 270 full-time employees. These structural characteristics shape how SNDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.39 indicates SNDX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a bear put spread on SNDX?
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 SNDX snapshot
As of June 30, 2026, spot at $21.78, ATM IV 55.70%, IV rank 15.75%, expected move 15.97%. The bear put spread on SNDX 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 bear put spread structure on SNDX specifically: SNDX IV at 55.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a SNDX bear put spread, with a market-implied 1-standard-deviation move of approximately 15.97% (roughly $3.48 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 SNDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SNDX should anchor to the underlying notional of $21.78 per share and to the trader's directional view on SNDX stock.
SNDX bear put spread setup
The SNDX 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 SNDX near $21.78, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SNDX 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 SNDX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $22.00 | $0.63 |
| Sell 1 | Put | $21.00 | $0.70 |
SNDX bear put spread risk and reward
- Net Premium / Debit
- +$7.50
- Max Profit (per contract)
- $107.50
- Max Loss (per contract)
- $7.50
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- 14.333
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.
SNDX bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on SNDX. 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% | +$107.50 |
| $4.82 | -77.8% | +$107.50 |
| $9.64 | -55.7% | +$107.50 |
| $14.45 | -33.6% | +$107.50 |
| $19.27 | -11.5% | +$107.50 |
| $24.08 | +10.6% | +$7.50 |
| $28.90 | +32.7% | +$7.50 |
| $33.71 | +54.8% | +$7.50 |
| $38.53 | +76.9% | +$7.50 |
| $43.34 | +99.0% | +$7.50 |
When traders use bear put spread on SNDX
Bear put spreads on SNDX reduce the cost of a bearish SNDX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
SNDX thesis for this bear put spread
The market-implied 1-standard-deviation range for SNDX extends from approximately $18.30 on the downside to $25.26 on the upside. A SNDX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SNDX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SNDX IV rank near 15.75% 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 SNDX at 55.70%. As a Healthcare name, SNDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SNDX-specific events.
SNDX 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. SNDX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SNDX alongside the broader basket even when SNDX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SNDX 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 SNDX chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on SNDX?
- A bear put spread on SNDX is the bear put spread strategy applied to SNDX (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 SNDX stock trading near $21.78, the strikes shown on this page are snapped to the nearest listed SNDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SNDX 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 SNDX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 55.70%), the computed maximum profit is $107.50 per contract and the computed maximum loss is $7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SNDX bear put spread?
- The breakeven for the SNDX 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 SNDX market-implied 1-standard-deviation expected move is approximately 15.97%; 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 SNDX?
- Bear put spreads on SNDX reduce the cost of a bearish SNDX 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 SNDX implied volatility affect this bear put spread?
- SNDX ATM IV is at 55.70% with IV rank near 15.75%, 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.