CRBP Butterfly Strategy
CRBP (Corbus Pharmaceuticals Holdings, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Corbus Pharmaceuticals Holdings, Inc., a biopharmaceutical company, focuses on the development of immune modulators for immuno-oncology and fibrosis diseases. It develops lenabasum, an oral molecule that selectively activates cannabinoid receptor type 2 (CB2), which is in Phase II clinical trial to treat systemic lupus erythematosus; CRB-601, an anti-integrin monoclonal antibody (mAb) for the treatment of cancer and fibrosis that inhibits the activation of transforming growth factor ß (TGFß); and CRB-602, an anti-avß6/avß8 mAb that blocks the activation of TGFß for the treatment of fibrotic diseases. The company is also developing cannabinoid receptor type 1 inverse agonist program for the treatment of metabolic disorders, such as obesity, diabetic nephropathy, diabetic retinopathy, and nonalcoholic steatohepatitis; fibrotic diseases, including lung, cardiac, renal disease, and liver fibrosis; and other diseases comprising ascites, cognitive defects, Prader-Willi syndrome, and smoking cessation. It has a licensing agreement with Jenrin Discovery, LLC to develop and commercialize the licensed products, including the Jenrin library of approximately 600 compounds, and multiple issued and pending patent filings. The company was incorporated in 2009 and is based in Norwood, Massachusetts.
CRBP (Corbus Pharmaceuticals Holdings, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $152.3M, a beta of 2.68 versus the broader market, a 52-week range of 6.72-20.56, average daily share volume of 250K, a public-listing history dating back to 2014, approximately 28 full-time employees. These structural characteristics shape how CRBP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.68 indicates CRBP 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 butterfly on CRBP?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
Current CRBP snapshot
As of May 15, 2026, spot at $11.11, ATM IV 130.10%, IV rank 38.80%, expected move 37.30%. The butterfly on CRBP 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 34-day expiry.
Why this butterfly structure on CRBP specifically: CRBP IV at 130.10% 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 37.30% (roughly $4.14 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRBP expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRBP should anchor to the underlying notional of $11.11 per share and to the trader's directional view on CRBP stock.
CRBP butterfly setup
The CRBP butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CRBP near $11.11, the first option leg uses a $10.55 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRBP chain at a 34-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 CRBP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $10.55 | N/A |
| Sell 2 | Call | $11.11 | N/A |
| Buy 1 | Call | $11.67 | N/A |
CRBP butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
CRBP butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CRBP. 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.
When traders use butterfly on CRBP
Butterflies on CRBP are pinning bets - traders use them when they expect CRBP to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
CRBP thesis for this butterfly
The market-implied 1-standard-deviation range for CRBP extends from approximately $6.97 on the downside to $15.25 on the upside. A CRBP long call butterfly is a pinning play: it pays maximum at the middle strike if CRBP settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CRBP IV rank near 38.80% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on CRBP should anchor more to the directional view and the expected-move geometry. As a Healthcare name, CRBP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRBP-specific events.
CRBP butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. CRBP positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRBP alongside the broader basket even when CRBP-specific fundamentals are unchanged. Always rebuild the position from current CRBP chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CRBP?
- A butterfly on CRBP is the butterfly strategy applied to CRBP (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With CRBP stock trading near $11.11, the strikes shown on this page are snapped to the nearest listed CRBP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRBP butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the CRBP butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 130.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRBP butterfly?
- The breakeven for the CRBP butterfly priced on this page is no defined breakeven on the modeled curve 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 CRBP market-implied 1-standard-deviation expected move is approximately 37.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CRBP?
- Butterflies on CRBP are pinning bets - traders use them when they expect CRBP to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current CRBP implied volatility affect this butterfly?
- CRBP ATM IV is at 130.10% with IV rank near 38.80%, 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.