How are CRVS 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 CRVS straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 63.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$327.73 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRVS straddle?

The breakeven for the CRVS straddle priced on this page is roughly $11.70 and $18.30 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 CRVS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.26%; 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 straddle?

CRVS ATM IV is at 63.70% with IV rank near 19.50%, 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 Straddle 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 $1.27B, a beta of 0.87 versus the broader market, a 52-week range of 4.7-26.95, average daily share volume of 1.4M, a public-listing history dating back to 2016, approximately 37 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 0.87 places CRVS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a straddle on CRVS?

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.

CRVS snapshot

As of August 14, 2026, spot at $14.75, ATM IV 63.70%, IV rank 19.50%, expected move 18.26%. The straddle on CRVS 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 63-day expiry.

Why this straddle structure on CRVS specifically: CRVS IV at 63.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRVS straddle, with a market-implied 1-standard-deviation move of approximately 18.26% (roughly $2.69 on the underlying). The 63-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 $14.75 per share and to the trader's directional view on CRVS stock.

CRVS straddle setup

The CRVS 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 CRVS at $14.75 on that close, 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 63-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	Call	$15.00	$1.58
Buy 1	Put	$15.00	$1.73

CRVS straddle risk and reward

Net Premium / Debit: -$330.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$327.73
Breakeven(s): $11.70, $18.30
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.

CRVS straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle 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%	+$1,169.00
$3.27	-77.8%	+$842.98
$6.53	-55.7%	+$516.96
$9.79	-33.6%	+$190.94
$13.05	-11.5%	-$135.08
$16.31	+10.6%	-$198.90
$19.57	+32.7%	+$127.12
$22.83	+54.8%	+$453.14
$26.09	+76.9%	+$779.16
$29.35	+99.0%	+$1,105.18

When traders use straddle on CRVS

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

CRVS thesis for this straddle

The market-implied 1-standard-deviation range for CRVS extends from approximately $12.06 on the downside to $17.44 on the upside. A CRVS 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 CRVS IV rank near 19.50% 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 63.70%. 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 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. 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 straddle on CRVS?: A straddle on CRVS is the straddle strategy applied to CRVS (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 CRVS stock at $14.75 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CRVS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CRVS 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 CRVS straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 63.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$327.73 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRVS straddle?: The breakeven for the CRVS straddle priced on this page is roughly $11.70 and $18.30 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 CRVS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on CRVS?: Straddles on CRVS are pure-volatility plays that profit from large moves in either direction; traders typically buy CRVS 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 CRVS implied volatility affect this straddle?: CRVS ATM IV is at 63.70% with IV rank near 19.50%, 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.