How are INBX butterfly max profit and max loss calculated?

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the INBX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 85.20%), the computed maximum profit is $441.88 per contract and the computed maximum loss is -$10.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a INBX butterfly?

The breakeven for the INBX butterfly priced on this page is roughly $105.10 and $115.00 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 INBX market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current INBX implied volatility affect this butterfly?

INBX ATM IV is at 85.20% with IV rank near 10.19%, 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.

INBX Butterfly Strategy

INBX (Inhibrx Biosciences, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Inhibrx Biosciences, Inc., a clinical-stage biopharmaceutical company, engages in the development of biologic therapeutics for people with life-threatening conditions. Its therapeutic candidates includes INBRX-109, a tetravalent therapeutic candidate targeting death-receptor 5 that is in phase 2 clinical trial for the treatment of unresectable or metastatic conventional chondrosarcoma; and INBRX-106, a hexavalent sdAb-based therapeutic candidate targeting OX4 that is in phase 2 clinical trial for the treatment of metastatic solid tumor, non-small cell lung cancer, melanoma, head and neck cancer, gastric (GIST) and gastroesophageal adenocarcinoma (GEA) cancer, renal cell carcinoma, and urothelial (transitional) cell carcinoma. The company was incorporated in 2024 and is based in La Jolla, California.

INBX (Inhibrx Biosciences, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.72B, a beta of 3.89 versus the broader market, a 52-week range of 10.97-155.29, average daily share volume of 370K, a public-listing history dating back to 2024, approximately 156 full-time employees. These structural characteristics shape how INBX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.89 indicates INBX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. INBX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on INBX?

A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.

Current INBX snapshot

As of May 15, 2026, spot at $111.19, ATM IV 85.20%, IV rank 10.19%, expected move 24.43%. The butterfly on INBX 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 butterfly structure on INBX specifically: INBX IV at 85.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a INBX butterfly, with a market-implied 1-standard-deviation move of approximately 24.43% (roughly $27.16 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 INBX expiries trade a higher absolute premium for lower per-day decay. Position sizing on INBX should anchor to the underlying notional of $111.19 per share and to the trader's directional view on INBX stock.

INBX butterfly setup

The INBX butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With INBX near $111.19, the first option leg uses a $105.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INBX 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 INBX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$105.00	$14.35
Sell 2	Call	$110.00	$11.80
Buy 1	Call	$115.00	$9.35

INBX butterfly risk and reward

Net Premium / Debit: -$10.00
Max Profit (per contract): $441.88
Max Loss (per contract): -$10.00
Breakeven(s): $105.10, $115.00
Risk / Reward Ratio: 44.188

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.

INBX butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on INBX. 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	-100.0%	-$10.00
$24.59	-77.9%	-$10.00
$49.18	-55.8%	-$10.00
$73.76	-33.7%	-$10.00
$98.34	-11.6%	-$10.00
$122.93	+10.6%	-$10.00
$147.51	+32.7%	-$10.00
$172.10	+54.8%	-$10.00
$196.68	+76.9%	-$10.00
$221.26	+99.0%	-$10.00

When traders use butterfly on INBX

Butterflies on INBX are pinning bets - traders use them when they expect INBX to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.

INBX thesis for this butterfly

The market-implied 1-standard-deviation range for INBX extends from approximately $84.03 on the downside to $138.35 on the upside. A INBX long call butterfly is a pinning play: it pays maximum at the middle strike if INBX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current INBX IV rank near 10.19% 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 INBX at 85.20%. As a Healthcare name, INBX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INBX-specific events.

INBX butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. INBX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INBX alongside the broader basket even when INBX-specific fundamentals are unchanged. Always rebuild the position from current INBX chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on INBX?: A butterfly on INBX is the butterfly strategy applied to INBX (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With INBX stock trading near $111.19, the strikes shown on this page are snapped to the nearest listed INBX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are INBX butterfly max profit and max loss calculated?: Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the INBX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 85.20%), the computed maximum profit is $441.88 per contract and the computed maximum loss is -$10.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a INBX butterfly?: The breakeven for the INBX butterfly priced on this page is roughly $105.10 and $115.00 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 INBX market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on INBX?: Butterflies on INBX are pinning bets - traders use them when they expect INBX to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
How does current INBX implied volatility affect this butterfly?: INBX ATM IV is at 85.20% with IV rank near 10.19%, 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.