How are CRNX 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 CRNX collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 119.00%), the computed maximum profit is $528.50 per contract and the computed maximum loss is -$471.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRNX collar?

The breakeven for the CRNX collar priced on this page is roughly $84.72 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CRNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 34.12%; 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 collar?

CRNX ATM IV is at 119.00% with IV rank near 24.32%, 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 Collar 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 $8.95B, a beta of 0.13 versus the broader market, a 52-week range of 28.62-84.535, average daily share volume of 3.0M, a public-listing history dating back to 2018, approximately 594 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 0.13 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 collar on CRNX?

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.

CRNX snapshot

As of August 14, 2026, spot at $84.67, ATM IV 119.00%, IV rank 24.32%, expected move 34.12%. The collar on CRNX below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this collar structure on CRNX specifically: IV regime affects collar pricing on both sides; compressed CRNX IV at 119.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 34.12% (roughly $28.89 on the underlying). The 35-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 $84.67 per share and to the trader's directional view on CRNX stock.

CRNX collar setup

The CRNX collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CRNX at $84.67 on that close, the first option leg uses a $90.00 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 35-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 100 shares	Stock	$84.67	long
Sell 1	Call	$90.00	$0.03
Buy 1	Put	$80.00	$0.08

CRNX collar risk and reward

Net Premium / Debit: -$8,471.50
Max Profit (per contract): $528.50
Max Loss (per contract): -$471.50
Breakeven(s): $84.72
Risk / Reward Ratio: 1.121

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.

CRNX collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar 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%	-$471.50
$18.73	-77.9%	-$471.50
$37.45	-55.8%	-$471.50
$56.17	-33.7%	-$471.50
$74.89	-11.6%	-$471.50
$93.61	+10.6%	+$528.50
$112.33	+32.7%	+$528.50
$131.05	+54.8%	+$528.50
$149.77	+76.9%	+$528.50
$168.49	+99.0%	+$528.50

When traders use collar on CRNX

Collars on CRNX hedge an existing long CRNX 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.

CRNX thesis for this collar

The market-implied 1-standard-deviation range for CRNX extends from approximately $55.78 on the downside to $113.56 on the upside. A CRNX collar hedges an existing long CRNX 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 CRNX IV rank near 24.32% 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 119.00%. 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 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. 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 collar on CRNX?: A collar on CRNX is the collar strategy applied to CRNX (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 CRNX stock at $84.67 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CRNX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CRNX 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 CRNX collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 119.00%), the computed maximum profit is $528.50 per contract and the computed maximum loss is -$471.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRNX collar?: The breakeven for the CRNX collar priced on this page is roughly $84.72 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CRNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 34.12%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on CRNX?: Collars on CRNX hedge an existing long CRNX 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 CRNX implied volatility affect this collar?: CRNX ATM IV is at 119.00% with IV rank near 24.32%, 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.