How are WGS bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the WGS bear put spread priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 84.30%), the computed maximum profit is $160.00 per contract and the computed maximum loss is -$240.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WGS bear put spread?

The breakeven for the WGS bear put spread priced on this page is roughly $71.60 at expiration, derived from the September 30, 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 WGS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WGS implied volatility affect this bear put spread?

WGS ATM IV is at 84.30% with IV rank near 36.13%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

WGS Bear Put Spread Strategy

WGS (GeneDx Holdings Corp.), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.

GeneDx Holdings Corp., a genomics company, provides genetic testing services. The company primarily offers pediatric and rare disease diagnostics with a focus on whole exome and genome sequencing, as well as data and information services. It also develops an AI-based platform for next generation sequencing analysis, interpretation, and clinical reporting for rare disease, hereditary risk, and cancer testing. GeneDx Holdings Corp. was founded in 2000 and is headquartered in Stamford, Connecticut.

WGS (GeneDx Holdings Corp.) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $2.16B, a beta of 2.01 versus the broader market, a 52-week range of 32.21-170.87, average daily share volume of 859K, a public-listing history dating back to 2020, approximately 1K full-time employees. These structural characteristics shape how WGS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.01 indicates WGS 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 bear put spread on WGS?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

WGS snapshot

As of September 30, 2026, spot at $73.66, ATM IV 84.30%, IV rank 36.13%, expected move 24.17%. The bear put spread on WGS below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 30-day expiry.

Why this bear put spread structure on WGS specifically: WGS IV at 84.30% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 24.17% (roughly $17.80 on the underlying). The 30-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WGS expiries trade a higher absolute premium for lower per-day decay. Position sizing on WGS should anchor to the underlying notional of $73.66 per share and to the trader's directional view on WGS stock.

WGS bear put spread setup

The WGS bear put spread below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With WGS at $73.66 on that close, the first option leg uses a $74.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WGS chain at a 30-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 WGS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$74.00	$6.95
Sell 1	Put	$70.00	$4.55

WGS bear put spread risk and reward

Net Premium / Debit: -$240.00
Max Profit (per contract): $160.00
Max Loss (per contract): -$240.00
Breakeven(s): $71.60
Risk / Reward Ratio: 0.667

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

WGS bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on WGS. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$160.00
$16.30	-77.9%	+$160.00
$32.58	-55.8%	+$160.00
$48.87	-33.7%	+$160.00
$65.15	-11.6%	+$160.00
$81.44	+10.6%	-$240.00
$97.72	+32.7%	-$240.00
$114.01	+54.8%	-$240.00
$130.29	+76.9%	-$240.00
$146.58	+99.0%	-$240.00

When traders use bear put spread on WGS

Bear put spreads on WGS reduce the cost of a bearish WGS stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

WGS thesis for this bear put spread

The market-implied 1-standard-deviation range for WGS extends from approximately $55.86 on the downside to $91.46 on the upside. A WGS bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on WGS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current WGS IV rank near 36.13% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on WGS should anchor more to the directional view and the expected-move geometry. As a Healthcare name, WGS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WGS-specific events.

WGS bear put spread positions are structurally moderately 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. WGS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WGS alongside the broader basket even when WGS-specific fundamentals are unchanged. Long-premium structures like a bear put spread on WGS 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 WGS chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on WGS?: A bear put spread on WGS is the bear put spread strategy applied to WGS (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With WGS stock at $73.66 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed WGS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are WGS bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the WGS bear put spread priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 84.30%), the computed maximum profit is $160.00 per contract and the computed maximum loss is -$240.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WGS bear put spread?: The breakeven for the WGS bear put spread priced on this page is roughly $71.60 at expiration, derived from the September 30, 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 WGS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on WGS?: Bear put spreads on WGS reduce the cost of a bearish WGS stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current WGS implied volatility affect this bear put spread?: WGS ATM IV is at 84.30% with IV rank near 36.13%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.