SUPN Long 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 long put on SUPN?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current SUPN snapshot
As of June 29, 2026, spot at $46.34, ATM IV 40.10%, IV rank 5.31%, expected move 11.50%. The long 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 18-day expiry.
Why this long put structure on SUPN specifically: SUPN IV at 40.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a SUPN long put, with a market-implied 1-standard-deviation move of approximately 11.50% (roughly $5.33 on the underlying). The 18-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 $46.34 per share and to the trader's directional view on SUPN stock.
SUPN long put setup
The SUPN long 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 $46.34, the first option leg uses a $46.00 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 18-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) |
|---|---|---|---|
| Buy 1 | Put | $46.00 | $1.48 |
SUPN long put risk and reward
- Net Premium / Debit
- -$147.50
- Max Profit (per contract)
- $4,451.50
- Max Loss (per contract)
- -$147.50
- Breakeven(s)
- $44.53
- Risk / Reward Ratio
- 30.180
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
SUPN long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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% | +$4,451.50 |
| $10.25 | -77.9% | +$3,427.01 |
| $20.50 | -55.8% | +$2,402.52 |
| $30.74 | -33.7% | +$1,378.02 |
| $40.99 | -11.5% | +$353.53 |
| $51.23 | +10.6% | -$147.50 |
| $61.48 | +32.7% | -$147.50 |
| $71.72 | +54.8% | -$147.50 |
| $81.97 | +76.9% | -$147.50 |
| $92.21 | +99.0% | -$147.50 |
When traders use long put on SUPN
Long puts on SUPN hedge an existing long SUPN stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying SUPN exposure being hedged.
SUPN thesis for this long put
The market-implied 1-standard-deviation range for SUPN extends from approximately $41.01 on the downside to $51.67 on the upside. A SUPN long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long SUPN position with one put per 100 shares held. Current SUPN IV rank near 5.31% 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 40.10%. 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 long put positions are structurally 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. 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. Long-premium structures like a long put on SUPN 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 SUPN chain quotes before placing a trade.
Frequently asked questions
- What is a long put on SUPN?
- A long put on SUPN is the long put strategy applied to SUPN (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With SUPN stock trading near $46.34, 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the SUPN long put priced from the end-of-day chain at a 30-day expiry (ATM IV 40.10%), the computed maximum profit is $4,451.50 per contract and the computed maximum loss is -$147.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SUPN long put?
- The breakeven for the SUPN long put priced on this page is roughly $44.53 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 11.50%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on SUPN?
- Long puts on SUPN hedge an existing long SUPN stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying SUPN exposure being hedged.
- How does current SUPN implied volatility affect this long put?
- SUPN ATM IV is at 40.10% with IV rank near 5.31%, 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.