URGN Cash-Secured Put Strategy
URGN (UroGen Pharma Ltd.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
UroGen Pharma Ltd., a biotechnology company, engages in the development and commercialization of solutions for urothelial and specialty cancers. It offers RTGel, a novel proprietary polymeric biocompatible, reverse thermal gelation hydrogel technology; Mitomycin a generic drug used off-label as an adjuvant chemotherapy for the treatment of low-grade NMIBC after trans-urethral resection of bladder tumor; Zusduri, a sustained-release formulation of mitomycin for the treatment of non-muscle invasive bladder cancer (NMIBC); and Jelmyto for pyelocalyceal solutions. The company’s lead product candidates are UGN-103, which is in phase 3 of clinical trial for intravesical solution; and UGN-104 that is in phase 3 of clinical trial for pyelocalyceal solution designed for the treatment of several forms of non-muscle invasive urothelial cancer that include low-grade upper tract urothelial cancer and low-grade intermediate risk NMIBC. It is also developing UGN-301, UGN-301+UGN 201, and UGN-301+gemcitabine that are in phase 1 of clinical trial for the treatment of high-grade NMIBC. The company has license agreement with Agenus Inc. to develop, make, use, sell, import, and commercialize products of Agenus for the treatment of cancers of the urinary tract via intravesical delivery; and licensing and supply agreement with medac Gesellschaft für klinische Spezialpräparate m.b.H. to develop UGN-103 and UGN-104. UroGen Pharma Ltd. was incorporated in 2004 and is headquartered in Princeton, New Jersey.
URGN (UroGen Pharma Ltd.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.39B, a beta of 1.58 versus the broader market, a 52-week range of 15.86-49.67, average daily share volume of 810K, a public-listing history dating back to 2017, approximately 298 full-time employees. These structural characteristics shape how URGN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.58 indicates URGN 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 cash-secured put on URGN?
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.
URGN snapshot
As of August 14, 2026, spot at $48.12, ATM IV 68.60%, IV rank 5.91%, expected move 19.67%. The cash-secured put on URGN below is built from the August 14, 2026 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 cash-secured put structure on URGN specifically: URGN IV at 68.60% is on the cheap side of its 1-year range, which means a premium-selling URGN cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 19.67% (roughly $9.46 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 URGN expiries trade a higher absolute premium for lower per-day decay. Position sizing on URGN should anchor to the underlying notional of $48.12 per share and to the trader's directional view on URGN stock.
URGN cash-secured put setup
The URGN cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With URGN at $48.12 on that close, 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 URGN 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 URGN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $46.00 | $3.45 |
URGN cash-secured put risk and reward
- Net Premium / Debit
- +$345.00
- Max Profit (per contract)
- $345.00
- Max Loss (per contract)
- -$4,254.00
- Breakeven(s)
- $42.55
- Risk / Reward Ratio
- 0.081
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
URGN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on URGN. 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% | -$4,254.00 |
| $10.65 | -77.9% | -$3,190.15 |
| $21.29 | -55.8% | -$2,126.30 |
| $31.93 | -33.7% | -$1,062.45 |
| $42.56 | -11.5% | +$1.40 |
| $53.20 | +10.6% | +$345.00 |
| $63.84 | +32.7% | +$345.00 |
| $74.48 | +54.8% | +$345.00 |
| $85.12 | +76.9% | +$345.00 |
| $95.76 | +99.0% | +$345.00 |
When traders use cash-secured put on URGN
Cash-secured puts on URGN earn premium while a trader waits to acquire URGN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning URGN.
URGN thesis for this cash-secured put
The market-implied 1-standard-deviation range for URGN extends from approximately $38.66 on the downside to $57.58 on the upside. A URGN cash-secured put lets a trader earn premium while waiting to acquire URGN 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 URGN IV rank near 5.91% 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 URGN at 68.60%. As a Healthcare name, URGN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to URGN-specific events.
URGN 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. URGN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move URGN alongside the broader basket even when URGN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on URGN carry tail risk when realized volatility exceeds the implied move; review historical URGN earnings reactions and macro stress periods before sizing. Always rebuild the position from current URGN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on URGN?
- A cash-secured put on URGN is the cash-secured put strategy applied to URGN (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 URGN stock at $48.12 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed URGN chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are URGN 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 URGN cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 68.60%), the computed maximum profit is $345.00 per contract and the computed maximum loss is -$4,254.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a URGN cash-secured put?
- The breakeven for the URGN cash-secured put priced on this page is roughly $42.55 at expiration, derived from the August 14, 2026 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 URGN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 19.67%; 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 URGN?
- Cash-secured puts on URGN earn premium while a trader waits to acquire URGN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning URGN.
- How does current URGN implied volatility affect this cash-secured put?
- URGN ATM IV is at 68.60% with IV rank near 5.91%, 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.