CRVS Long Put 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 long put on CRVS?
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 CRVS snapshot
As of May 15, 2026, spot at $12.23, ATM IV 76.00%, IV rank 6.01%, expected move 21.79%. The long 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 34-day expiry.
Why this long put structure on CRVS specifically: CRVS IV at 76.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRVS long put, 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 long put setup
The CRVS 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 CRVS near $12.23, the first option leg uses a $12.00 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) |
|---|---|---|---|
| Buy 1 | Put | $12.00 | $1.00 |
CRVS long put risk and reward
- Net Premium / Debit
- -$100.00
- Max Profit (per contract)
- $1,099.00
- Max Loss (per contract)
- -$100.00
- Breakeven(s)
- $11.00
- Risk / Reward Ratio
- 10.990
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CRVS long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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% | +$1,099.00 |
| $2.71 | -77.8% | +$828.70 |
| $5.42 | -55.7% | +$558.40 |
| $8.12 | -33.6% | +$288.10 |
| $10.82 | -11.5% | +$17.79 |
| $13.53 | +10.6% | -$100.00 |
| $16.23 | +32.7% | -$100.00 |
| $18.93 | +54.8% | -$100.00 |
| $21.63 | +76.9% | -$100.00 |
| $24.34 | +99.0% | -$100.00 |
When traders use long put on CRVS
Long puts on CRVS hedge an existing long CRVS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRVS exposure being hedged.
CRVS thesis for this long put
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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CRVS position with one put per 100 shares held. 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 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. 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. Long-premium structures like a long put on CRVS 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 CRVS chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CRVS?
- A long put on CRVS is the long put strategy applied to CRVS (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 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 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 CRVS long put priced from the end-of-day chain at a 30-day expiry (ATM IV 76.00%), the computed maximum profit is $1,099.00 per contract and the computed maximum loss is -$100.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRVS long put?
- The breakeven for the CRVS long put priced on this page is roughly $11.00 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 long put on CRVS?
- Long puts on CRVS hedge an existing long CRVS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRVS exposure being hedged.
- How does current CRVS implied volatility affect this long put?
- 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.