How are CRNX straddle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the CRNX straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 119.00%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$212.95 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRNX straddle?

The breakeven for the CRNX straddle priced on this page is roughly $82.77 and $87.23 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 straddle?

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 Straddle 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 $8.98B, a beta of 0.13 versus the broader market, a 52-week range of 28.73-84.71, 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 straddle on CRNX?

A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.

CRNX snapshot

As of August 14, 2026, spot at $84.67, ATM IV 119.00%, IV rank 24.32%, expected move 34.12%. The straddle 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 straddle structure on CRNX specifically: CRNX IV at 119.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRNX straddle, 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 straddle setup

The CRNX straddle 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 $85.00 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 1	Call	$85.00	$1.09
Buy 1	Put	$85.00	$1.14

CRNX straddle risk and reward

Net Premium / Debit: -$223.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$212.95
Breakeven(s): $82.77, $87.23
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.

CRNX straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle 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%	+$8,276.00
$18.73	-77.9%	+$6,404.01
$37.45	-55.8%	+$4,532.02
$56.17	-33.7%	+$2,660.03
$74.89	-11.6%	+$788.04
$93.61	+10.6%	+$637.95
$112.33	+32.7%	+$2,509.94
$131.05	+54.8%	+$4,381.93
$149.77	+76.9%	+$6,253.92
$168.49	+99.0%	+$8,125.91

When traders use straddle on CRNX

Straddles on CRNX are pure-volatility plays that profit from large moves in either direction; traders typically buy CRNX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.

CRNX thesis for this straddle

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 long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. 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 straddle positions are structurally neutral / high-volatility (long premium); 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 straddle on CRNX?: A straddle on CRNX is the straddle strategy applied to CRNX (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. 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 straddle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the CRNX straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 119.00%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$212.95 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRNX straddle?: The breakeven for the CRNX straddle priced on this page is roughly $82.77 and $87.23 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 straddle on CRNX?: Straddles on CRNX are pure-volatility plays that profit from large moves in either direction; traders typically buy CRNX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
How does current CRNX implied volatility affect this straddle?: 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.