SUPN Cash-Secured Put Strategy
SUPN (Supernus Pharmaceuticals, Inc.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.
Supernus Pharmaceuticals, Inc. is a biopharmaceutical firm dedicated to developing and marketing therapies for central nervous system (CNS) disorders within the United States. Its portfolio of marketed products includes Trokendi XR, an extended-release topiramate formulation prescribed for both epilepsy management and migraine prevention. Another key product is Oxtellar XR, an extended-release oxcarbazepine designed for the standalone treatment of partial-onset epileptic seizures in patients aged 6 to 17 and adults. The company also offers Qelbree, a selective norepinephrine reuptake inhibitor approved for attention-deficit hyperactivity disorder (ADHD) in children and adolescents aged 6 to 17. For advanced Parkinson's Disease (PD) patients, APOKYN offers acute, intermittent relief during "off" episodes of hypomobility, and XADAGO serves as an adjunctive treatment with levodopa/carbidopa for those experiencing similar off periods. Other offerings include GOCOVRI, which targets dyskinesia in PD patients, and Osmolex ER, used for Parkinson's disease and drug-induced extrapyramidal reactions in adults.
SUPN (Supernus Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $2.72B, a beta of 0.54 versus the broader market, a 52-week range of 31.16-59.68, average daily share volume of 684K, a public-listing history dating back to 2012, approximately 674 full-time employees. These structural characteristics shape how SUPN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.54 indicates SUPN 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 cash-secured put on SUPN?
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 SUPN snapshot
As of June 30, 2026, spot at $46.31, ATM IV 32.50%, IV rank 3.57%, expected move 9.32%. The cash-secured put on SUPN 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 cash-secured put structure on SUPN specifically: SUPN IV at 32.50% is on the cheap side of its 1-year range, which means a premium-selling SUPN cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.32% (roughly $4.31 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 SUPN expiries trade a higher absolute premium for lower per-day decay. Position sizing on SUPN should anchor to the underlying notional of $46.31 per share and to the trader's directional view on SUPN stock.
SUPN cash-secured put setup
The SUPN 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 SUPN near $46.31, the first option leg uses a $44.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SUPN 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 SUPN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $44.00 | $0.30 |
SUPN cash-secured put risk and reward
- Net Premium / Debit
- +$30.00
- Max Profit (per contract)
- $30.00
- Max Loss (per contract)
- -$4,369.00
- Breakeven(s)
- $43.70
- Risk / Reward Ratio
- 0.007
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
SUPN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on SUPN. 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% | -$4,369.00 |
| $10.25 | -77.9% | -$3,345.17 |
| $20.49 | -55.8% | -$2,321.34 |
| $30.72 | -33.7% | -$1,297.51 |
| $40.96 | -11.5% | -$273.68 |
| $51.20 | +10.6% | +$30.00 |
| $61.44 | +32.7% | +$30.00 |
| $71.68 | +54.8% | +$30.00 |
| $81.92 | +76.9% | +$30.00 |
| $92.15 | +99.0% | +$30.00 |
When traders use cash-secured put on SUPN
Cash-secured puts on SUPN earn premium while a trader waits to acquire SUPN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SUPN.
SUPN thesis for this cash-secured put
The market-implied 1-standard-deviation range for SUPN extends from approximately $42.00 on the downside to $50.62 on the upside. A SUPN cash-secured put lets a trader earn premium while waiting to acquire SUPN 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 SUPN IV rank near 3.57% 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 SUPN at 32.50%. As a Healthcare name, SUPN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SUPN-specific events.
SUPN 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. SUPN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SUPN alongside the broader basket even when SUPN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on SUPN carry tail risk when realized volatility exceeds the implied move; review historical SUPN earnings reactions and macro stress periods before sizing. Always rebuild the position from current SUPN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on SUPN?
- A cash-secured put on SUPN is the cash-secured put strategy applied to SUPN (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 SUPN stock trading near $46.31, the strikes shown on this page are snapped to the nearest listed SUPN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SUPN 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 SUPN cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 32.50%), the computed maximum profit is $30.00 per contract and the computed maximum loss is -$4,369.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SUPN cash-secured put?
- The breakeven for the SUPN cash-secured put priced on this page is roughly $43.70 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 SUPN market-implied 1-standard-deviation expected move is approximately 9.32%; 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 SUPN?
- Cash-secured puts on SUPN earn premium while a trader waits to acquire SUPN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SUPN.
- How does current SUPN implied volatility affect this cash-secured put?
- SUPN ATM IV is at 32.50% with IV rank near 3.57%, 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.