How are CRVS 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 CRVS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 74.60%), the computed maximum profit is $54.50 per contract and the computed maximum loss is -$45.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRVS collar?

The breakeven for the CRVS collar priced on this page is roughly $14.46 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 21.39%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRVS implied volatility affect this collar?

CRVS ATM IV is at 74.60% with IV rank near 5.20%, 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.

CRVS Collar 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 collar on CRVS?

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.

Current CRVS snapshot

As of June 29, 2026, spot at $14.38, ATM IV 74.60%, IV rank 5.20%, expected move 21.39%. The collar 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 18-day expiry.

Why this collar structure on CRVS specifically: IV regime affects collar pricing on both sides; compressed CRVS IV at 74.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 21.39% (roughly $3.08 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 CRVS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRVS should anchor to the underlying notional of $14.38 per share and to the trader's directional view on CRVS stock.

CRVS collar setup

The CRVS collar 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 $14.38, the first option leg uses a $15.00 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 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 CRVS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$14.38	long
Sell 1	Call	$15.00	$0.70
Buy 1	Put	$14.00	$0.78

CRVS collar risk and reward

Net Premium / Debit: -$1,445.50
Max Profit (per contract): $54.50
Max Loss (per contract): -$45.50
Breakeven(s): $14.46
Risk / Reward Ratio: 1.198

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.

CRVS collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar 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.

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	-99.9%	-$45.50
$3.19	-77.8%	-$45.50
$6.37	-55.7%	-$45.50
$9.55	-33.6%	-$45.50
$12.72	-11.5%	-$45.50
$15.90	+10.6%	+$54.50
$19.08	+32.7%	+$54.50
$22.26	+54.8%	+$54.50
$25.44	+76.9%	+$54.50
$28.62	+99.0%	+$54.50

When traders use collar on CRVS

Collars on CRVS hedge an existing long CRVS 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.

CRVS thesis for this collar

The market-implied 1-standard-deviation range for CRVS extends from approximately $11.30 on the downside to $17.46 on the upside. A CRVS collar hedges an existing long CRVS 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 CRVS IV rank near 5.20% 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 74.60%. 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 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. 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. Always rebuild the position from current CRVS chain quotes before placing a trade.

Frequently asked questions

What is a collar on CRVS?: A collar on CRVS is the collar strategy applied to CRVS (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 CRVS stock trading near $14.38, 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 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 CRVS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 74.60%), the computed maximum profit is $54.50 per contract and the computed maximum loss is -$45.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRVS collar?: The breakeven for the CRVS collar priced on this page is roughly $14.46 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 21.39%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on CRVS?: Collars on CRVS hedge an existing long CRVS 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 CRVS implied volatility affect this collar?: CRVS ATM IV is at 74.60% with IV rank near 5.20%, 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.