VOR Collar Strategy
VOR (Vor Biopharma Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Vor Biopharma, Inc., a clinical-stage company, develops engineered hematopoietic stem cell (eHSC) therapies for cancer patients. It is developing VOR33, an eHSC product candidate that is in phase 1/2 to treat acute myeloid leukemia (AML) and other hematological malignancies. The company's VOR33 eHSCs lacks CD33, a protein that is expressed by AML blood cancer cells. The company's eHSCs targeted therapies, such as CAR-Ts, bispecific antibodies, and antibody-drug conjugates provide treatment for blood cancers. Vor Biopharma, Inc. has a collaboration agreement with Akron BioProducts to develop and manufacture cGMP nucleases. The company was incorporated in 2015 and is headquartered in Cambridge, Massachusetts.
VOR (Vor Biopharma Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $109.0M, a beta of 1.75 versus the broader market, a 52-week range of 3.2-65.8, average daily share volume of 1.0M, a public-listing history dating back to 2021, approximately 159 full-time employees. These structural characteristics shape how VOR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.75 indicates VOR 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 VOR?
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 VOR snapshot
As of May 15, 2026, spot at $14.84, ATM IV 113.50%, IV rank 17.26%, expected move 32.54%. The collar on VOR 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 245-day expiry.
Why this collar structure on VOR specifically: IV regime affects collar pricing on both sides; compressed VOR IV at 113.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 32.54% (roughly $4.83 on the underlying). The 245-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated VOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on VOR should anchor to the underlying notional of $14.84 per share and to the trader's directional view on VOR stock.
VOR collar setup
The VOR 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 VOR near $14.84, the first option leg uses a $15.58 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VOR chain at a 245-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 VOR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $14.84 | long |
| Sell 1 | Call | $15.58 | N/A |
| Buy 1 | Put | $14.10 | N/A |
VOR collar 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 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.
VOR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on VOR. 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 collar on VOR
Collars on VOR hedge an existing long VOR 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.
VOR thesis for this collar
The market-implied 1-standard-deviation range for VOR extends from approximately $10.01 on the downside to $19.67 on the upside. A VOR collar hedges an existing long VOR 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 VOR IV rank near 17.26% 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 VOR at 113.50%. As a Healthcare name, VOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VOR-specific events.
VOR 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. VOR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VOR alongside the broader basket even when VOR-specific fundamentals are unchanged. Always rebuild the position from current VOR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on VOR?
- A collar on VOR is the collar strategy applied to VOR (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 VOR stock trading near $14.84, the strikes shown on this page are snapped to the nearest listed VOR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VOR 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 VOR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 113.50%), 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 VOR collar?
- The breakeven for the VOR 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 VOR market-implied 1-standard-deviation expected move is approximately 32.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on VOR?
- Collars on VOR hedge an existing long VOR 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 VOR implied volatility affect this collar?
- VOR ATM IV is at 113.50% with IV rank near 17.26%, 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.