How are CRNX 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 CRNX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 459.20%), the computed maximum profit is $146.00 per contract and the computed maximum loss is -$54.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRNX bear put spread?

The breakeven for the CRNX bear put spread priced on this page is roughly $36.46 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 CRNX market-implied 1-standard-deviation expected move is approximately 131.65%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

CRNX ATM IV is at 459.20% with IV rank near 93.93%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

CRNX Bear Put Spread Strategy

CRNX (Crinetics Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Crinetics Pharmaceuticals, Inc. operates as a clinical-stage pharmaceutical enterprise, dedicated to the identification, advancement, and market introduction of therapeutic solutions for infrequent endocrine conditions and related tumors. Their flagship drug candidate, Paltusotine, is an orally administered, selective, non-peptide somatostatin receptor type 2 agonist. This compound has concluded its Phase III clinical trials for the treatment of acromegaly, and has also completed Phase II trials targeting carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs). Furthermore, the company's pipeline includes CRN04777, an oral selective non-peptide somatostatin type 5 receptor agonist, which is currently undergoing Phase I clinical trials for congenital hyperinsulinism. Another investigational drug, CRN04894, an oral adrenocorticotrophic hormone antagonist, is in Phase I clinical trials for Cushing's disease and congenital adrenal hyperplasia. Crinetics Pharmaceuticals, Inc. was founded in 2008 and maintains its headquarters in San Diego, California.

CRNX (Crinetics Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $3.87B, a beta of 0.24 versus the broader market, a 52-week range of 25.83-57.99, average daily share volume of 1.2M, a public-listing history dating back to 2018, approximately 437 full-time employees. These structural characteristics shape how CRNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.24 indicates CRNX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bear put spread on CRNX?

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 CRNX snapshot

As of June 30, 2026, spot at $37.29, ATM IV 459.20%, IV rank 93.93%, expected move 131.65%. The bear put spread on CRNX 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 CRNX specifically: CRNX IV at 459.20% is rich versus its 1-year range, which makes a premium-buying CRNX bear put spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 131.65% (roughly $49.09 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 CRNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRNX should anchor to the underlying notional of $37.29 per share and to the trader's directional view on CRNX stock.

CRNX bear put spread setup

The CRNX 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 CRNX near $37.29, 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 CRNX 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 CRNX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$37.00	$0.85
Sell 1	Put	$35.00	$0.31

CRNX bear put spread risk and reward

Net Premium / Debit: -$54.00
Max Profit (per contract): $146.00
Max Loss (per contract): -$54.00
Breakeven(s): $36.46
Risk / Reward Ratio: 2.704

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.

CRNX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on CRNX. 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%	+$146.00
$8.25	-77.9%	+$146.00
$16.50	-55.8%	+$146.00
$24.74	-33.7%	+$146.00
$32.99	-11.5%	+$146.00
$41.23	+10.6%	-$54.00
$49.47	+32.7%	-$54.00
$57.72	+54.8%	-$54.00
$65.96	+76.9%	-$54.00
$74.21	+99.0%	-$54.00

When traders use bear put spread on CRNX

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

CRNX thesis for this bear put spread

The market-implied 1-standard-deviation range for CRNX extends from approximately $-11.80 on the downside to $86.38 on the upside. A CRNX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CRNX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CRNX IV rank near 93.93% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on CRNX at 459.20%. As a Healthcare name, CRNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRNX-specific events.

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

Frequently asked questions

What is a bear put spread on CRNX?: A bear put spread on CRNX is the bear put spread strategy applied to CRNX (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 CRNX stock trading near $37.29, the strikes shown on this page are snapped to the nearest listed CRNX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRNX 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 CRNX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 459.20%), the computed maximum profit is $146.00 per contract and the computed maximum loss is -$54.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRNX bear put spread?: The breakeven for the CRNX bear put spread priced on this page is roughly $36.46 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 CRNX market-implied 1-standard-deviation expected move is approximately 131.65%; 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 CRNX?: Bear put spreads on CRNX reduce the cost of a bearish CRNX 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 CRNX implied volatility affect this bear put spread?: CRNX ATM IV is at 459.20% with IV rank near 93.93%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.