VYGR Cash-Secured Put Strategy

VYGR (Voyager Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Voyager Therapeutics, Inc., a gene therapy company, focuses on the development of treatments and next-generation platform technologies. The company's lead clinical candidate is the VY-AADC, which is in open-label Phase 1 clinical trial for the treatment of Parkinson's disease. Its preclinical programs comprise VY-SOD102 for the treatment of amyotrophic lateral sclerosis; VY-HTT01 for Huntington's disease; VY-FXN01 for Friedreich's ataxia; and Tau program for the treatment of tauopathies, including Alzheimer's disease, progressive supranuclear palsy, and frontotemporal dementia, as well as for spinal muscular atrophy. The company has collaboration and license agreements with Neurocrine Biosciences, Inc., Pfizer Inc., and Novartis Pharma, A.G. for the research, development, and commercialization of adeno-associated virus gene therapy products. Voyager Therapeutics, Inc. was incorporated in 2013 and is headquartered in Cambridge, Massachusetts.

VYGR (Voyager Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $250.7M, a beta of 1.26 versus the broader market, a 52-week range of 2.65-5.55, average daily share volume of 663K, a public-listing history dating back to 2015, approximately 172 full-time employees. These structural characteristics shape how VYGR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.26 places VYGR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a cash-secured put on VYGR?

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.

Current VYGR snapshot

As of May 15, 2026, spot at $3.81, ATM IV 135.50%, IV rank 27.24%, expected move 38.85%. The cash-secured put on VYGR 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 cash-secured put structure on VYGR specifically: VYGR IV at 135.50% is on the cheap side of its 1-year range, which means a premium-selling VYGR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 38.85% (roughly $1.48 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 VYGR expiries trade a higher absolute premium for lower per-day decay. Position sizing on VYGR should anchor to the underlying notional of $3.81 per share and to the trader's directional view on VYGR stock.

VYGR cash-secured put setup

The VYGR cash-secured 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 VYGR near $3.81, the first option leg uses a $3.62 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VYGR 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 VYGR shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$3.62N/A

VYGR cash-secured 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

VYGR cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on VYGR. 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 cash-secured put on VYGR

Cash-secured puts on VYGR earn premium while a trader waits to acquire VYGR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning VYGR.

VYGR thesis for this cash-secured put

The market-implied 1-standard-deviation range for VYGR extends from approximately $2.33 on the downside to $5.29 on the upside. A VYGR cash-secured put lets a trader earn premium while waiting to acquire VYGR 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 VYGR IV rank near 27.24% 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 VYGR at 135.50%. As a Healthcare name, VYGR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VYGR-specific events.

VYGR 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. VYGR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VYGR alongside the broader basket even when VYGR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on VYGR carry tail risk when realized volatility exceeds the implied move; review historical VYGR earnings reactions and macro stress periods before sizing. Always rebuild the position from current VYGR chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on VYGR?
A cash-secured put on VYGR is the cash-secured put strategy applied to VYGR (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 VYGR stock trading near $3.81, the strikes shown on this page are snapped to the nearest listed VYGR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are VYGR 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 VYGR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 135.50%), 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 VYGR cash-secured put?
The breakeven for the VYGR cash-secured 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 VYGR market-implied 1-standard-deviation expected move is approximately 38.85%; 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 VYGR?
Cash-secured puts on VYGR earn premium while a trader waits to acquire VYGR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning VYGR.
How does current VYGR implied volatility affect this cash-secured put?
VYGR ATM IV is at 135.50% with IV rank near 27.24%, 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.

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