TYRA Long Put Strategy
TYRA (Tyra Biosciences, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Tyra Biosciences, Inc., a preclinical-stage biopharmaceutical company, focuses on developing therapies to overcome tumor resistance and enhance outcomes for patients with cancer. Its lead product candidate is TYRA-300, a selective inhibitor of fibroblast growth factor receptor (FGFR)3 for the treatment of muscle invasive bladder cancer. The company is also developing programs targeting FGFR2- intrahepatic cholangiocarcinoma,FGFR3-related achondroplasia, REarranged during transfection kinase, and FGFR4-related cancers. In addition, the company offers SNAP platform which enable rapid structural design through iterative molecular SNAPshots. Tyra Biosciences, Inc. was incorporated in 2018 and is based in Carlsbad, California.
TYRA (Tyra Biosciences, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.94B, a beta of 0.79 versus the broader market, a 52-week range of 8.75-40.65, average daily share volume of 1.1M, a public-listing history dating back to 2021, approximately 60 full-time employees. These structural characteristics shape how TYRA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.79 places TYRA roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a long put on TYRA?
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 TYRA snapshot
As of May 15, 2026, spot at $37.11, ATM IV 93.70%, IV rank 7.43%, expected move 26.86%. The long put on TYRA 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 long put structure on TYRA specifically: TYRA IV at 93.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a TYRA long put, with a market-implied 1-standard-deviation move of approximately 26.86% (roughly $9.97 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 TYRA expiries trade a higher absolute premium for lower per-day decay. Position sizing on TYRA should anchor to the underlying notional of $37.11 per share and to the trader's directional view on TYRA stock.
TYRA long put setup
The TYRA 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 TYRA near $37.11, the first option leg uses a $37.11 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TYRA 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 TYRA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $37.11 | N/A |
TYRA long put 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
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
TYRA long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on TYRA. 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 long put on TYRA
Long puts on TYRA hedge an existing long TYRA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TYRA exposure being hedged.
TYRA thesis for this long put
The market-implied 1-standard-deviation range for TYRA extends from approximately $27.14 on the downside to $47.08 on the upside. A TYRA long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long TYRA position with one put per 100 shares held. Current TYRA IV rank near 7.43% 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 TYRA at 93.70%. As a Healthcare name, TYRA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TYRA-specific events.
TYRA 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. TYRA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TYRA alongside the broader basket even when TYRA-specific fundamentals are unchanged. Long-premium structures like a long put on TYRA 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 TYRA chain quotes before placing a trade.
Frequently asked questions
- What is a long put on TYRA?
- A long put on TYRA is the long put strategy applied to TYRA (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 TYRA stock trading near $37.11, the strikes shown on this page are snapped to the nearest listed TYRA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TYRA 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 TYRA long put priced from the end-of-day chain at a 30-day expiry (ATM IV 93.70%), 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 TYRA long put?
- The breakeven for the TYRA long put 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 TYRA market-implied 1-standard-deviation expected move is approximately 26.86%; 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 TYRA?
- Long puts on TYRA hedge an existing long TYRA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TYRA exposure being hedged.
- How does current TYRA implied volatility affect this long put?
- TYRA ATM IV is at 93.70% with IV rank near 7.43%, 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.