CRNX Iron Condor 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 iron condor on CRNX?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current CRNX snapshot
As of June 29, 2026, spot at $36.77, ATM IV 57.80%, IV rank 7.30%, expected move 16.57%. The iron condor 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 18-day expiry.
Why this iron condor structure on CRNX specifically: CRNX IV at 57.80% is on the cheap side of its 1-year range, which means a premium-selling CRNX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.57% (roughly $6.09 on the underlying). The 18-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 $36.77 per share and to the trader's directional view on CRNX stock.
CRNX iron condor setup
The CRNX iron condor 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 $36.77, the first option leg uses a $39.00 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 18-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) |
|---|---|---|---|
| Sell 1 | Call | $39.00 | $0.93 |
| Buy 1 | Call | $40.00 | $0.65 |
| Sell 1 | Put | $35.00 | $1.14 |
| Buy 1 | Put | $33.00 | $0.58 |
CRNX iron condor risk and reward
- Net Premium / Debit
- +$83.50
- Max Profit (per contract)
- $83.50
- Max Loss (per contract)
- -$116.50
- Breakeven(s)
- $34.17, $39.84
- Risk / Reward Ratio
- 0.717
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
CRNX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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% | -$116.50 |
| $8.14 | -77.9% | -$116.50 |
| $16.27 | -55.8% | -$116.50 |
| $24.40 | -33.7% | -$116.50 |
| $32.53 | -11.5% | -$116.50 |
| $40.65 | +10.6% | -$16.50 |
| $48.78 | +32.7% | -$16.50 |
| $56.91 | +54.8% | -$16.50 |
| $65.04 | +76.9% | -$16.50 |
| $73.17 | +99.0% | -$16.50 |
When traders use iron condor on CRNX
Iron condors on CRNX are a delta-neutral premium-collection structure that profits if CRNX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CRNX thesis for this iron condor
The market-implied 1-standard-deviation range for CRNX extends from approximately $30.68 on the downside to $42.86 on the upside. A CRNX iron condor is a delta-neutral premium-collection structure that pays off when CRNX stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current CRNX IV rank near 7.30% 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 57.80%. 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 iron condor positions are structurally neutral / range-bound; 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. Short-premium structures like a iron condor on CRNX carry tail risk when realized volatility exceeds the implied move; review historical CRNX earnings reactions and macro stress periods before sizing. Always rebuild the position from current CRNX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CRNX?
- A iron condor on CRNX is the iron condor strategy applied to CRNX (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With CRNX stock trading near $36.77, 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 iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the CRNX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 57.80%), the computed maximum profit is $83.50 per contract and the computed maximum loss is -$116.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRNX iron condor?
- The breakeven for the CRNX iron condor priced on this page is roughly $34.17 and $39.84 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 16.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on CRNX?
- Iron condors on CRNX are a delta-neutral premium-collection structure that profits if CRNX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CRNX implied volatility affect this iron condor?
- CRNX ATM IV is at 57.80% with IV rank near 7.30%, 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.