VYGR Long Put Strategy

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

Voyager Therapeutics, Inc. operates as a gene therapy company, concentrating its efforts on developing innovative treatments and pioneering advanced platform technologies. Its leading clinical asset, VY-AADC, is presently undergoing an open-label Phase 1 clinical trial for the management of Parkinson's disease. The company's preclinical portfolio is extensive, featuring VY-SOD102 for amyotrophic lateral sclerosis (ALS), VY-HTT01 for Huntington's disease, and VY-FXN01 for Friedreich's ataxia. Additionally, Voyager is pursuing a Tau program aimed at various tauopathies, including Alzheimer's disease, progressive supranuclear palsy, and frontotemporal dementia, alongside initiatives for spinal muscular atrophy. To advance its gene therapy product pipeline, the company has forged strategic collaboration and licensing agreements with key industry players such as Neurocrine Biosciences, Inc., Pfizer Inc., and Novartis Pharma, A.G. These partnerships cover the research, development, and commercialization of adeno-associated virus-based gene therapy products.

VYGR (Voyager Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $216.9M, a beta of 1.25 versus the broader market, a 52-week range of 2.88-5.55, average daily share volume of 542K, 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 1.25 places VYGR 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 VYGR?

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 VYGR snapshot

As of June 29, 2026, spot at $3.58, ATM IV 116.10%, IV rank 23.30%, expected move 33.28%. The long 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 18-day expiry.

Why this long put structure on VYGR specifically: VYGR IV at 116.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a VYGR long put, with a market-implied 1-standard-deviation move of approximately 33.28% (roughly $1.19 on the underlying). The 18-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 $3.58 per share and to the trader's directional view on VYGR stock.

VYGR long put setup

The VYGR 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 VYGR near $3.58, the first option leg uses a $3.58 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 18-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)
Buy 1Put$3.58N/A

VYGR 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.

VYGR long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long 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 long put on VYGR

Long puts on VYGR hedge an existing long VYGR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying VYGR exposure being hedged.

VYGR thesis for this long put

The market-implied 1-standard-deviation range for VYGR extends from approximately $2.39 on the downside to $4.77 on the upside. A VYGR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long VYGR position with one put per 100 shares held. Current VYGR IV rank near 23.30% 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 116.10%. 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 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. 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. Long-premium structures like a long put on VYGR 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 VYGR chain quotes before placing a trade.

Frequently asked questions

What is a long put on VYGR?
A long put on VYGR is the long put strategy applied to VYGR (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 VYGR stock trading near $3.58, 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 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 VYGR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 116.10%), 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 long put?
The breakeven for the VYGR 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 VYGR market-implied 1-standard-deviation expected move is approximately 33.28%; 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 VYGR?
Long puts on VYGR hedge an existing long VYGR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying VYGR exposure being hedged.
How does current VYGR implied volatility affect this long put?
VYGR ATM IV is at 116.10% with IV rank near 23.30%, 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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