CRVS Iron Condor Strategy
CRVS (Corvus Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Corvus Pharmaceuticals, Inc., a clinical stage biopharmaceutical company, focuses on the development and commercialization of immuno-oncology therapies. Its lead product candidate is Mupadolimab (CPI-006), an anti-CD73 monoclonal antibody, which is in Phase Ib/II clinical trial for non-small cell lung cancer and head and neck cancers. The company also develops CPI-818, a covalent inhibitor of ITK, which is in Phase I/Ib clinical trial to treat patients with various malignant T-cell lymphomas, as well as designed to inhibit the proliferation of certain malignant T-cells; and Ciforadenant (CPI-444), an oral, small molecule antagonist of the A2A receptor that is in Phase II clinical trial for patients with either advanced or refractory renal cell cancer. Its preclinical stage products include CPI-182, an antibody designed to block inflammation and myeloid suppression; and CPI-935, an adenosine A2B receptor antagonist to prevent fibrosis. Corvus Pharmaceuticals, Inc. has a strategic collaboration with Angel Pharmaceuticals for the development its pipeline of targeted investigational medicines. The company was incorporated in 2014 and is based in Burlingame, California.
CRVS (Corvus Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.33B, a beta of 0.94 versus the broader market, a 52-week range of 3.38-26.95, average daily share volume of 1.3M, 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 0.94 places CRVS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on CRVS?
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 CRVS snapshot
As of May 15, 2026, spot at $12.23, ATM IV 76.00%, IV rank 6.01%, expected move 21.79%. The iron condor 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 34-day expiry.
Why this iron condor structure on CRVS specifically: CRVS IV at 76.00% is on the cheap side of its 1-year range, which means a premium-selling CRVS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.79% (roughly $2.66 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 CRVS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRVS should anchor to the underlying notional of $12.23 per share and to the trader's directional view on CRVS stock.
CRVS iron condor setup
The CRVS 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 CRVS near $12.23, the first option leg uses a $13.00 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 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 CRVS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $13.00 | $0.85 |
| Buy 1 | Call | $13.00 | $0.85 |
| Sell 1 | Put | $12.00 | $1.00 |
| Buy 1 | Put | $11.00 | $0.55 |
CRVS iron condor risk and reward
- Net Premium / Debit
- +$45.00
- Max Profit (per contract)
- $45.00
- Max Loss (per contract)
- -$55.00
- Breakeven(s)
- $11.55
- Risk / Reward Ratio
- 0.818
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.
CRVS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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% | -$55.00 |
| $2.71 | -77.8% | -$55.00 |
| $5.42 | -55.7% | -$55.00 |
| $8.12 | -33.6% | -$55.00 |
| $10.82 | -11.5% | -$55.00 |
| $13.53 | +10.6% | +$45.00 |
| $16.23 | +32.7% | +$45.00 |
| $18.93 | +54.8% | +$45.00 |
| $21.63 | +76.9% | +$45.00 |
| $24.34 | +99.0% | +$45.00 |
When traders use iron condor on CRVS
Iron condors on CRVS are a delta-neutral premium-collection structure that profits if CRVS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CRVS thesis for this iron condor
The market-implied 1-standard-deviation range for CRVS extends from approximately $9.57 on the downside to $14.89 on the upside. A CRVS iron condor is a delta-neutral premium-collection structure that pays off when CRVS 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 CRVS IV rank near 6.01% 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 76.00%. 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 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. 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 iron condor 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 iron condor on CRVS?
- A iron condor on CRVS is the iron condor strategy applied to CRVS (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 CRVS stock trading near $12.23, 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 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 CRVS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 76.00%), the computed maximum profit is $45.00 per contract and the computed maximum loss is -$55.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRVS iron condor?
- The breakeven for the CRVS iron condor priced on this page is roughly $11.55 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 CRVS market-implied 1-standard-deviation expected move is approximately 21.79%; 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 CRVS?
- Iron condors on CRVS are a delta-neutral premium-collection structure that profits if CRVS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CRVS implied volatility affect this iron condor?
- CRVS ATM IV is at 76.00% with IV rank near 6.01%, 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.