Sold REGN Aug 15 2025 $475 Put (63 DTE)

First position in REGN

Entry

Sold REGN Aug 15 2025 $475 Put (63 DTE)  
REGN250815P00475000

Opened:        June 13, 2025  
Entry Price:   $15.40  
Exit Target:   $5.40 (To Close)

Underlying:    $529.24  
Buffer:        13.1%  
Breakeven:     $459.60

Max Risk:      $47,500  
Return:        2.1%  
Prob. of Win:  ~75%

Profit Target: $1,000

On June 13, I sold the August $475 put on Regeneron for $15.40, collecting $1,540 in premium for each contract sold. At the time, the stock was trading around $530. My break-even on the trade is $459.60. I doubt $475 will even be re-tested. I think this position is going to be closing early unless there is more macro noise.

This is a straightforward premium capture setup. I’m targeting a buyback at $5.40, which would lock in a $1,000 profit on each contract I sold. The trade had 64 days to expiration at entry, but I expect to close it much earlier if the stock holds steady and the option decays on schedule.

There’s no plan to hold through expiration or roll. If REGN sells off sharply due to macro issues, I’ll be really happy to own a lot of it at $475. I also immediately deployed the $1000 per contract into a long position in REGN at $530. I think 2-3 years from now I’ll be exiting this position with REGN at $800-900. In the meantime, I’m happy to be paid to wait as Regeneron’s pipeline plays itself out.

Status: Open