TNGX Cash-Secured Put Strategy
TNGX (Tango Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Tango Therapeutics, Inc., a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions. The company also develops Ubiquitin-specific protease 1, an inhibitor to treat patients with BRCA1 or BRCA2-mutant cancers; and Target 3 for STK11-mutant cancers. Tango Therapeutics, Inc. has a strategic collaboration with Gilead Sciences, Inc. for the discovery, development, and commercialization of a pipeline of therapies for patients with cancer. The company was founded in 2017 and is based in Cambridge, Massachusetts.
TNGX (Tango Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.96B, a beta of 1.22 versus the broader market, a 52-week range of 1.25-28.41, average daily share volume of 3.3M, a public-listing history dating back to 2020, approximately 155 full-time employees. These structural characteristics shape how TNGX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.22 places TNGX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a cash-secured put on TNGX?
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 TNGX snapshot
As of May 15, 2026, spot at $20.77, ATM IV 128.60%, IV rank 16.87%, expected move 36.87%. The cash-secured put on TNGX 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 cash-secured put structure on TNGX specifically: TNGX IV at 128.60% is on the cheap side of its 1-year range, which means a premium-selling TNGX cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 36.87% (roughly $7.66 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 TNGX expiries trade a higher absolute premium for lower per-day decay. Position sizing on TNGX should anchor to the underlying notional of $20.77 per share and to the trader's directional view on TNGX stock.
TNGX cash-secured put setup
The TNGX 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 TNGX near $20.77, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TNGX 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 TNGX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $20.00 | $2.65 |
TNGX cash-secured put risk and reward
- Net Premium / Debit
- +$265.00
- Max Profit (per contract)
- $265.00
- Max Loss (per contract)
- -$1,734.00
- Breakeven(s)
- $17.35
- Risk / Reward Ratio
- 0.153
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
TNGX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on TNGX. 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% | -$1,734.00 |
| $4.60 | -77.8% | -$1,274.87 |
| $9.19 | -55.7% | -$815.75 |
| $13.78 | -33.6% | -$356.62 |
| $18.38 | -11.5% | +$102.50 |
| $22.97 | +10.6% | +$265.00 |
| $27.56 | +32.7% | +$265.00 |
| $32.15 | +54.8% | +$265.00 |
| $36.74 | +76.9% | +$265.00 |
| $41.33 | +99.0% | +$265.00 |
When traders use cash-secured put on TNGX
Cash-secured puts on TNGX earn premium while a trader waits to acquire TNGX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TNGX.
TNGX thesis for this cash-secured put
The market-implied 1-standard-deviation range for TNGX extends from approximately $13.11 on the downside to $28.43 on the upside. A TNGX cash-secured put lets a trader earn premium while waiting to acquire TNGX 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 TNGX IV rank near 16.87% 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 TNGX at 128.60%. As a Healthcare name, TNGX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TNGX-specific events.
TNGX 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. TNGX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TNGX alongside the broader basket even when TNGX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on TNGX carry tail risk when realized volatility exceeds the implied move; review historical TNGX earnings reactions and macro stress periods before sizing. Always rebuild the position from current TNGX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on TNGX?
- A cash-secured put on TNGX is the cash-secured put strategy applied to TNGX (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 TNGX stock trading near $20.77, the strikes shown on this page are snapped to the nearest listed TNGX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TNGX 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 TNGX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 128.60%), the computed maximum profit is $265.00 per contract and the computed maximum loss is -$1,734.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TNGX cash-secured put?
- The breakeven for the TNGX cash-secured put priced on this page is roughly $17.35 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 TNGX market-implied 1-standard-deviation expected move is approximately 36.87%; 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 TNGX?
- Cash-secured puts on TNGX earn premium while a trader waits to acquire TNGX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TNGX.
- How does current TNGX implied volatility affect this cash-secured put?
- TNGX ATM IV is at 128.60% with IV rank near 16.87%, 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.