URGN Collar 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 novel solutions for specialty cancers and urothelial diseases. It offers RTGel, a polymeric biocompatible and reverse thermal gelation hydrogel to improve therapeutic profiles of existing drugs; and Jelmyto for pyelocalyceal solution. The company's lead product candidate is UGN-102, which is in Phase III clinical trials for the treatment of several forms of non-muscle invasive urothelial cancer that include low-grade upper tract urothelial carcinoma and low-grade non-muscle invasive bladder cancer. It is also developing UGN-301 for the treatment of high-grade non-muscle invasive bladder cancer. The company has a license agreement with Allergan Pharmaceuticals International Limited for developing and commercializing pharmaceutical products that contain RTGel and clostridial toxins; 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 strategic research collaboration with MD Anderson to advance investigational treatment for high-grade bladder cancer. UroGen Pharma Ltd. was incorporated in 2004 and is based in Princeton, New Jersey.
URGN (UroGen Pharma Ltd.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.51B, a beta of 1.59 versus the broader market, a 52-week range of 3.42-32.37, average daily share volume of 891K, a public-listing history dating back to 2017, approximately 234 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 1.59 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 collar on URGN?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current URGN snapshot
As of May 15, 2026, spot at $28.67, ATM IV 100.70%, IV rank 15.74%, expected move 28.87%. The collar on URGN 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 collar structure on URGN specifically: IV regime affects collar pricing on both sides; compressed URGN IV at 100.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 28.87% (roughly $8.28 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 URGN expiries trade a higher absolute premium for lower per-day decay. Position sizing on URGN should anchor to the underlying notional of $28.67 per share and to the trader's directional view on URGN stock.
URGN collar setup
The URGN collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With URGN near $28.67, the first option leg uses a $30.00 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 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 URGN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $28.67 | long |
| Sell 1 | Call | $30.00 | $3.78 |
| Buy 1 | Put | $27.00 | $1.98 |
URGN collar risk and reward
- Net Premium / Debit
- -$2,687.00
- Max Profit (per contract)
- $313.00
- Max Loss (per contract)
- $13.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- 24.077
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
URGN collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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% | +$13.00 |
| $6.35 | -77.9% | +$13.00 |
| $12.69 | -55.8% | +$13.00 |
| $19.02 | -33.6% | +$13.00 |
| $25.36 | -11.5% | +$13.00 |
| $31.70 | +10.6% | +$313.00 |
| $38.04 | +32.7% | +$313.00 |
| $44.38 | +54.8% | +$313.00 |
| $50.71 | +76.9% | +$313.00 |
| $57.05 | +99.0% | +$313.00 |
When traders use collar on URGN
Collars on URGN hedge an existing long URGN stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
URGN thesis for this collar
The market-implied 1-standard-deviation range for URGN extends from approximately $20.39 on the downside to $36.95 on the upside. A URGN collar hedges an existing long URGN position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current URGN IV rank near 15.74% 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 100.70%. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current URGN chain quotes before placing a trade.
Frequently asked questions
- What is a collar on URGN?
- A collar on URGN is the collar strategy applied to URGN (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With URGN stock trading near $28.67, the strikes shown on this page are snapped to the nearest listed URGN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are URGN collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the URGN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 100.70%), the computed maximum profit is $313.00 per contract and the computed maximum loss is $13.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a URGN collar?
- The breakeven for the URGN collar 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 URGN market-implied 1-standard-deviation expected move is approximately 28.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on URGN?
- Collars on URGN hedge an existing long URGN stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current URGN implied volatility affect this collar?
- URGN ATM IV is at 100.70% with IV rank near 15.74%, 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.