CRDF Collar 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 collar on CRDF?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
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 collar 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 collar structure on CRDF specifically: IV regime affects collar pricing on both sides; mid-range CRDF IV at 187.40% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The CRDF collar 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 $1.75 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 100 shares | Stock | $1.67 | long |
| Sell 1 | Call | $1.75 | N/A |
| Buy 1 | Put | $1.59 | N/A |
CRDF collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
CRDF collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on CRDF
Collars on CRDF hedge an existing long CRDF stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
CRDF thesis for this collar
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 collar hedges an existing long CRDF position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current CRDF IV rank near 33.73% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current CRDF chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CRDF?
- A collar on CRDF is the collar strategy applied to CRDF (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the CRDF collar 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 collar?
- The breakeven for the CRDF collar 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 collar on CRDF?
- Collars on CRDF hedge an existing long CRDF stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current CRDF implied volatility affect this collar?
- 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.