TNYA Straddle Strategy
TNYA (Tenaya Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Tenaya Therapeutics, Inc., a clinical-stage biotechnology company, discovers, develops, and delivers therapies for heart disease in the United States. Its lead product candidate includes TN-201, a gene therapy for myosin binding protein C3-associated hypertrophic cardiomyopathy that is in Phase 1b/2 clinical trial; TN-401, a gene therapy for plakophilin 2-associated arrhythmogenic right ventricular cardiomyopathy, which is in Phase 1b/2 clinical trial; and TN-301, a small molecule histone deacetylase-6 for heart failure with preserved ejection fraction that is in phase 1 clinical trial. The company develops its products through gene addition, gene editing, gene silencing, and cellular regeneration. It has a research collaboration agreement with Alnylam Pharmaceuticals, Inc. to identify and validate novel gene targets for the potential treatment of cardiovascular disease. Tenaya Therapeutics, Inc. was incorporated in 2016 and is headquartered in South San Francisco, California.
TNYA (Tenaya Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $165.7M, a beta of 2.79 versus the broader market, a 52-week range of 0.532-2.35, average daily share volume of 3.2M, a public-listing history dating back to 2021, approximately 70 full-time employees. These structural characteristics shape how TNYA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.79 indicates TNYA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a straddle on TNYA?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
TNYA snapshot
As of August 14, 2026, spot at $0.73, ATM IV 25.20%, IV rank 3.09%, expected move 7.22%. The straddle on TNYA below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this straddle structure on TNYA specifically: TNYA IV at 25.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a TNYA straddle, with a market-implied 1-standard-deviation move of approximately 7.22% (roughly $0.05 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TNYA expiries trade a higher absolute premium for lower per-day decay. Position sizing on TNYA should anchor to the underlying notional of $0.73 per share and to the trader's directional view on TNYA stock.
TNYA straddle setup
The TNYA straddle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TNYA at $0.73 on that close, the first option leg uses a $0.73 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TNYA chain at a 35-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 TNYA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $0.73 | N/A |
| Buy 1 | Put | $0.73 | N/A |
TNYA straddle 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
Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
TNYA straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on TNYA. 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 straddle on TNYA
Straddles on TNYA are pure-volatility plays that profit from large moves in either direction; traders typically buy TNYA straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
TNYA thesis for this straddle
The market-implied 1-standard-deviation range for TNYA extends from approximately $0.68 on the downside to $0.78 on the upside. A TNYA long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. Current TNYA IV rank near 3.09% 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 TNYA at 25.20%. As a Healthcare name, TNYA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TNYA-specific events.
TNYA straddle positions are structurally neutral / high-volatility (long premium); 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. TNYA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TNYA alongside the broader basket even when TNYA-specific fundamentals are unchanged. Always rebuild the position from current TNYA chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on TNYA?
- A straddle on TNYA is the straddle strategy applied to TNYA (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With TNYA stock at $0.73 on the most recent close, the strikes shown on this page are snapped to the nearest listed TNYA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are TNYA straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the TNYA straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 25.20%), 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 TNYA straddle?
- The breakeven for the TNYA straddle priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The TNYA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on TNYA?
- Straddles on TNYA are pure-volatility plays that profit from large moves in either direction; traders typically buy TNYA straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current TNYA implied volatility affect this straddle?
- TNYA ATM IV is at 25.20% with IV rank near 3.09%, 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.