Core Insights - New options for Mirum Pharmaceuticals Inc (MIRM) began trading this week, with a focus on contracts expiring on November 21st [1] Options Analysis - A put contract at the $70.00 strike price has a current bid of $0.40, allowing investors to purchase shares at an effective cost basis of $69.60, which is a 6% discount to the current trading price of $74.69 [2][3] - The likelihood of the put contract expiring worthless is estimated at 70%, potentially yielding a 0.57% return on cash commitment or 3.31% annualized [3] - A call contract at the $80.00 strike price has a current bid of $1.00, offering an 8.45% total return if the stock is called away at expiration [6][8] - The $80.00 strike represents a 7% premium to the current stock price, with a 60% chance of the covered call expiring worthless, allowing the investor to retain both shares and premium [8] Volatility Metrics - Implied volatility for both the put and call contracts is approximately 41%, while the actual trailing twelve-month volatility is calculated at 40% [9]