How are CRNX 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 CRNX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 48.70%), the computed maximum profit is $171.36 per contract and the computed maximum loss is -$15.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRNX butterfly?

The breakeven for the CRNX butterfly priced on this page is roughly $35.12 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 13.96%; 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 butterfly?

CRNX ATM IV is at 48.70% with IV rank near 23.30%, 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.

CRNX Butterfly Strategy

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

Crinetics Pharmaceuticals, Inc., a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs). The company is also developing CRN04777, an oral selective nonpeptide somatostatin type 5 receptor agonist, which is in phase I clinical trial for the treatment of congenital hyperinsulinism; and CRN04894, an oral adrenocorticotrophic hormone antagonist that is in phase I clinical trial for the treatment of Cushing's and congenital adrenal hyperplasia diseases. Crinetics Pharmaceuticals, Inc. was incorporated in 2008 and is headquartered in San Diego, California.

CRNX (Crinetics Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $3.95B, a beta of 0.28 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 0.28 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 butterfly on CRNX?

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 CRNX snapshot

As of May 15, 2026, spot at $36.58, ATM IV 48.70%, IV rank 23.30%, expected move 13.96%. The butterfly 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 34-day expiry.

Why this butterfly structure on CRNX specifically: CRNX IV at 48.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRNX butterfly, with a market-implied 1-standard-deviation move of approximately 13.96% (roughly $5.11 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 CRNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRNX should anchor to the underlying notional of $36.58 per share and to the trader's directional view on CRNX stock.

CRNX butterfly setup

The CRNX 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 CRNX near $36.58, the first option leg uses a $35.00 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 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 CRNX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$35.00	$3.40
Sell 2	Call	$37.00	$2.48
Buy 1	Call	$38.00	$1.70

CRNX butterfly risk and reward

Net Premium / Debit: -$15.00
Max Profit (per contract): $171.36
Max Loss (per contract): -$15.00
Breakeven(s): $35.12
Risk / Reward Ratio: 11.424

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.

CRNX butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$15.00
$8.10	-77.9%	-$15.00
$16.18	-55.8%	-$15.00
$24.27	-33.7%	-$15.00
$32.36	-11.5%	-$15.00
$40.44	+10.6%	+$85.00
$48.53	+32.7%	+$85.00
$56.62	+54.8%	+$85.00
$64.71	+76.9%	+$85.00
$72.79	+99.0%	+$85.00

When traders use butterfly on CRNX

Butterflies on CRNX are pinning bets - traders use them when they expect CRNX 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.

CRNX thesis for this butterfly

The market-implied 1-standard-deviation range for CRNX extends from approximately $31.47 on the downside to $41.69 on the upside. A CRNX long call butterfly is a pinning play: it pays maximum at the middle strike if CRNX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CRNX IV rank near 23.30% 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 CRNX at 48.70%. 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 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. 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. Always rebuild the position from current CRNX chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on CRNX?: A butterfly on CRNX is the butterfly strategy applied to CRNX (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 CRNX stock trading near $36.58, 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 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 CRNX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 48.70%), the computed maximum profit is $171.36 per contract and the computed maximum loss is -$15.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRNX butterfly?: The breakeven for the CRNX butterfly priced on this page is roughly $35.12 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 13.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CRNX?: Butterflies on CRNX are pinning bets - traders use them when they expect CRNX 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 CRNX implied volatility affect this butterfly?: CRNX ATM IV is at 48.70% with IV rank near 23.30%, 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.