CRNX Long Put 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 long put on CRNX?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium 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 long put 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 long put 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 long put, 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 long put setup
The CRNX long put 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 $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 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 | Put | $37.00 | $2.45 |
CRNX long put risk and reward
- Net Premium / Debit
- -$245.00
- Max Profit (per contract)
- $3,454.00
- Max Loss (per contract)
- -$245.00
- Breakeven(s)
- $34.55
- Risk / Reward Ratio
- 14.098
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CRNX long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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% | +$3,454.00 |
| $8.10 | -77.9% | +$2,645.31 |
| $16.18 | -55.8% | +$1,836.61 |
| $24.27 | -33.7% | +$1,027.92 |
| $32.36 | -11.5% | +$219.23 |
| $40.44 | +10.6% | -$245.00 |
| $48.53 | +32.7% | -$245.00 |
| $56.62 | +54.8% | -$245.00 |
| $64.71 | +76.9% | -$245.00 |
| $72.79 | +99.0% | -$245.00 |
When traders use long put on CRNX
Long puts on CRNX hedge an existing long CRNX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRNX exposure being hedged.
CRNX thesis for this long put
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 put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CRNX position with one put per 100 shares held. 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 long put positions are structurally 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 long put 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 long put on CRNX?
- A long put on CRNX is the long put strategy applied to CRNX (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CRNX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 48.70%), the computed maximum profit is $3,454.00 per contract and the computed maximum loss is -$245.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRNX long put?
- The breakeven for the CRNX long put priced on this page is roughly $34.55 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 long put on CRNX?
- Long puts on CRNX hedge an existing long CRNX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRNX exposure being hedged.
- How does current CRNX implied volatility affect this long put?
- 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.