CRDF Bull Call Spread Strategy
CRDF (Cardiff Oncology, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Cardiff Oncology, Inc., a clinical-stage oncology company, develops medicine treatment for cancer patients in California. Its lead drug candidate is onvansertib, an oral selective Polo-like Kinase 1 Inhibitor for anti-cancer therapeutics; CY140, an inhibitor of PLK1, PLK2, and PLK3 that is in phase 1/2 studies in solid tumors and leukemias; metastatic colorectal cancer that is in clinical trials; and TROV-054 is a Phase 1b/2 for FOLFIRI and bevacizumab. The company's TROV-053 is also in Phase II clinical trial in combination with Zytiga for metastatic castration-resistant prostate cancer. The company primarily serves pharmaceutical manufacturers. The company was formerly known as Trovagene, Inc. and changed its name to Cardiff Oncology, Inc. in May 2012. Cardiff Oncology, Inc. was incorporated in 1999 and is headquartered in San Diego, California.
CRDF (Cardiff Oncology, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $115.5M, a beta of 1.36 versus the broader market, a 52-week range of 1.48-4.56, average daily share volume of 697K, a public-listing history dating back to 2004, approximately 32 full-time employees. These structural characteristics shape how CRDF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.36 indicates CRDF 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 bull call spread on CRDF?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current CRDF snapshot
As of May 15, 2026, spot at $1.67, ATM IV 187.40%, IV rank 33.73%, expected move 53.73%. The bull call spread on CRDF 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 bull call spread structure on CRDF specifically: CRDF IV at 187.40% 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 53.73% (roughly $0.90 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 CRDF expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRDF should anchor to the underlying notional of $1.67 per share and to the trader's directional view on CRDF stock.
CRDF bull call spread setup
The CRDF bull call 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 CRDF near $1.67, the first option leg uses a $1.67 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRDF 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 CRDF shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.67 | N/A |
| Sell 1 | Call | $1.75 | N/A |
CRDF bull call spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
CRDF bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on CRDF. 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 bull call spread on CRDF
Bull call spreads on CRDF reduce the cost of a bullish CRDF stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
CRDF thesis for this bull call spread
The market-implied 1-standard-deviation range for CRDF extends from approximately $0.77 on the downside to $2.57 on the upside. A CRDF bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CRDF, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CRDF IV rank near 33.73% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on CRDF should anchor more to the directional view and the expected-move geometry. As a Healthcare name, CRDF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRDF-specific events.
CRDF bull call spread positions are structurally moderately bullish; 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. CRDF positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRDF alongside the broader basket even when CRDF-specific fundamentals are unchanged. Long-premium structures like a bull call spread on CRDF 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 CRDF chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on CRDF?
- A bull call spread on CRDF is the bull call spread strategy applied to CRDF (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With CRDF stock trading near $1.67, the strikes shown on this page are snapped to the nearest listed CRDF chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRDF bull call 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-call strike plus net debit. For the CRDF bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 187.40%), 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 CRDF bull call spread?
- The breakeven for the CRDF bull call spread 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 CRDF market-implied 1-standard-deviation expected move is approximately 53.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on CRDF?
- Bull call spreads on CRDF reduce the cost of a bullish CRDF stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current CRDF implied volatility affect this bull call spread?
- CRDF ATM IV is at 187.40% with IV rank near 33.73%, 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.