CRVS Cash-Secured Put Strategy
CRVS (Corvus Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Corvus Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical firm specializing in the development and commercialization of immuno-oncology therapies. Their leading investigational compound, Mupadolimab (CPI-006), an anti-CD73 monoclonal antibody, is currently progressing through Phase Ib/II clinical trials for the treatment of non-small cell lung cancer and head and neck cancers. Another promising candidate, CPI-818, functions as a covalent ITK inhibitor. This therapy is undergoing Phase I/Ib clinical evaluation for patients battling various malignant T-cell lymphomas, aiming to impede the proliferation of specific malignant T-cells. Additionally, Ciforadenant (CPI-444), an oral, small molecule antagonist of the A2A receptor, is in Phase II clinical trials for individuals diagnosed with either advanced or refractory renal cell carcinoma. Beyond these clinical-stage assets, Corvus maintains a preclinical portfolio including CPI-182, an antibody designed to block inflammation and myeloid suppression, and CPI-935, an adenosine A2B receptor antagonist intended to prevent fibrosis.
CRVS (Corvus Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.13B, a beta of 0.84 versus the broader market, a 52-week range of 3.71-26.95, average daily share volume of 1.5M, a public-listing history dating back to 2016, approximately 31 full-time employees. These structural characteristics shape how CRVS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.84 places CRVS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a cash-secured put on CRVS?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current CRVS snapshot
As of June 30, 2026, spot at $14.90, ATM IV 71.90%, IV rank 3.63%, expected move 20.61%. The cash-secured put on CRVS 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 17-day expiry.
Why this cash-secured put structure on CRVS specifically: CRVS IV at 71.90% is on the cheap side of its 1-year range, which means a premium-selling CRVS cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.61% (roughly $3.07 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRVS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRVS should anchor to the underlying notional of $14.90 per share and to the trader's directional view on CRVS stock.
CRVS cash-secured put setup
The CRVS cash-secured 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 CRVS near $14.90, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRVS chain at a 17-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 CRVS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $14.00 | $0.48 |
CRVS cash-secured put risk and reward
- Net Premium / Debit
- +$47.50
- Max Profit (per contract)
- $47.50
- Max Loss (per contract)
- -$1,351.50
- Breakeven(s)
- $13.53
- Risk / Reward Ratio
- 0.035
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
CRVS cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CRVS. 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 | -99.9% | -$1,351.50 |
| $3.30 | -77.8% | -$1,022.16 |
| $6.60 | -55.7% | -$692.83 |
| $9.89 | -33.6% | -$363.49 |
| $13.18 | -11.5% | -$34.15 |
| $16.48 | +10.6% | +$47.50 |
| $19.77 | +32.7% | +$47.50 |
| $23.06 | +54.8% | +$47.50 |
| $26.36 | +76.9% | +$47.50 |
| $29.65 | +99.0% | +$47.50 |
When traders use cash-secured put on CRVS
Cash-secured puts on CRVS earn premium while a trader waits to acquire CRVS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CRVS.
CRVS thesis for this cash-secured put
The market-implied 1-standard-deviation range for CRVS extends from approximately $11.83 on the downside to $17.97 on the upside. A CRVS cash-secured put lets a trader earn premium while waiting to acquire CRVS at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current CRVS IV rank near 3.63% 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 CRVS at 71.90%. As a Healthcare name, CRVS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRVS-specific events.
CRVS cash-secured put positions are structurally neutral to slightly bullish; 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. CRVS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRVS alongside the broader basket even when CRVS-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CRVS carry tail risk when realized volatility exceeds the implied move; review historical CRVS earnings reactions and macro stress periods before sizing. Always rebuild the position from current CRVS chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CRVS?
- A cash-secured put on CRVS is the cash-secured put strategy applied to CRVS (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With CRVS stock trading near $14.90, the strikes shown on this page are snapped to the nearest listed CRVS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRVS cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the CRVS cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 71.90%), the computed maximum profit is $47.50 per contract and the computed maximum loss is -$1,351.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRVS cash-secured put?
- The breakeven for the CRVS cash-secured put priced on this page is roughly $13.53 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 CRVS market-implied 1-standard-deviation expected move is approximately 20.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on CRVS?
- Cash-secured puts on CRVS earn premium while a trader waits to acquire CRVS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CRVS.
- How does current CRVS implied volatility affect this cash-secured put?
- CRVS ATM IV is at 71.90% with IV rank near 3.63%, 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.