Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Covered Put trade opportunity for SORRENTO THERAPEUTICS INC. C (SRNE) for the 30-Jul-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. SRNE was recently trading at $10.20 and has an implied volatility of 93.76% for this period. Based on an analysis of the options available for SRNE expiring on 30-Jul-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $7.85-$10.20 at expiration. In this scenario, the average linear return for the trade would be 91.80%. Big -7.23% Change: After closing the last trading session at $10.99, SORRENTO THERAPEUTICS INC. C opened today at $10.57 and has reached a low of $9.97. Trade approach: A movement as big as -7.23% is a significantly bearish indicator, so this trade is designed to be profitable if SRNE maintains its current direction and does not revert back to pricing on the bullish side of $10.20 on 30-Jul-2021. If possible, the trade has been padded such that slight movement against the trade would still return a profit. Upside potential: Using this bearish strategy, the trade would be profitable if SORRENTO THERAPEUTICS INC. C closes at or below $15.14 on 30-Jul-2021. Based on our risk-neutral analysis, there is a 93.49% likelihood of this return. Downside risk: As with any options trade, there is a substantial downside risk where you may lose most or all of your investment. To analyze this trade in depth, please visit the Quantcha Options Search Engine.