How are CLDX 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 CLDX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 55.90%), the computed maximum profit is $141.00 per contract and the computed maximum loss is -$59.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLDX bear put spread?

The breakeven for the CLDX bear put spread priced on this page is roughly $36.41 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 CLDX market-implied 1-standard-deviation expected move is approximately 16.03%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

CLDX ATM IV is at 55.90% with IV rank near 7.82%, 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.

CLDX Bear Put Spread Strategy

CLDX (Celldex Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Celldex Therapeutics, Inc. is a biopharmaceutical company dedicated to developing antibody-based treatments, specifically monoclonal and bispecific antibodies, for a range of diseases. Their pipeline features therapeutic candidates aimed at both inflammatory conditions and various forms of cancer. Among their key clinical programs: CDX-0159 is a Phase I monoclonal antibody designed to bind to and inhibit the activity of the KIT receptor tyrosine kinase. CDX-1140 is a human agonist monoclonal antibody that targets CD40, a critical immune response activator found on immune cells such as dendritic cells, macrophages, and B cells, as well as on several cancer cell types. CDX-527 is a bispecific antibody that integrates Celldex's proprietary anti-PD-L1 and CD27 human antibodies. Its mechanism involves combining CD27 costimulation with blockade of the PD-L1/PD-1 pathway to prime and activate anti-tumor T-cell responses.

CLDX (Celldex Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.35B, a beta of 0.93 versus the broader market, a 52-week range of 19.52-35.79, average daily share volume of 1.0M, a public-listing history dating back to 1986, approximately 186 full-time employees. These structural characteristics shape how CLDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.93 places CLDX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a bear put spread on CLDX?

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.

Current CLDX snapshot

As of June 30, 2026, spot at $37.27, ATM IV 55.90%, IV rank 7.82%, expected move 16.03%. The bear put spread on CLDX 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 17-day expiry.

Why this bear put spread structure on CLDX specifically: CLDX IV at 55.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a CLDX bear put spread, with a market-implied 1-standard-deviation move of approximately 16.03% (roughly $5.97 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLDX should anchor to the underlying notional of $37.27 per share and to the trader's directional view on CLDX stock.

CLDX bear put spread setup

The CLDX bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLDX near $37.27, the first option leg uses a $37.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLDX chain at a 17-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 CLDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$37.00	$1.40
Sell 1	Put	$35.00	$0.81

CLDX bear put spread risk and reward

Net Premium / Debit: -$59.00
Max Profit (per contract): $141.00
Max Loss (per contract): -$59.00
Breakeven(s): $36.41
Risk / Reward Ratio: 2.390

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.

CLDX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on CLDX. 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%	+$141.00
$8.25	-77.9%	+$141.00
$16.49	-55.8%	+$141.00
$24.73	-33.7%	+$141.00
$32.97	-11.5%	+$141.00
$41.21	+10.6%	-$59.00
$49.45	+32.7%	-$59.00
$57.69	+54.8%	-$59.00
$65.93	+76.9%	-$59.00
$74.17	+99.0%	-$59.00

When traders use bear put spread on CLDX

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

CLDX thesis for this bear put spread

The market-implied 1-standard-deviation range for CLDX extends from approximately $31.30 on the downside to $43.24 on the upside. A CLDX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CLDX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CLDX IV rank near 7.82% 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 CLDX at 55.90%. As a Healthcare name, CLDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLDX-specific events.

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

Frequently asked questions

What is a bear put spread on CLDX?: A bear put spread on CLDX is the bear put spread strategy applied to CLDX (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 CLDX stock trading near $37.27, the strikes shown on this page are snapped to the nearest listed CLDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CLDX 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 CLDX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 55.90%), the computed maximum profit is $141.00 per contract and the computed maximum loss is -$59.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLDX bear put spread?: The breakeven for the CLDX bear put spread priced on this page is roughly $36.41 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 CLDX market-implied 1-standard-deviation expected move is approximately 16.03%; 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 CLDX?: Bear put spreads on CLDX reduce the cost of a bearish CLDX 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 CLDX implied volatility affect this bear put spread?: CLDX ATM IV is at 55.90% with IV rank near 7.82%, 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.