JSPR Butterfly Strategy
JSPR (Jasper Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Jasper Therapeutics, Inc., a clinical-stage biotechnology company, develops therapeutic agents for hematopoietic stem cell transplantation and gene therapies. It focuses on the development and commercialization of conditioning agents and stem cell engineering to allow expanded use of stem cell transplantation and ex vivo gene therapy, a technique in which genetic manipulation of cells is performed outside the body prior to transplantation. The company's lead product candidate is JSP191, which is in clinical development as a conditioning antibody that clears hematopoietic stem cells from bone marrow in patients prior to undergoing allogeneic stem cell therapy or stem cell gene therapy. It is also developing engineered hematopoietic stem cells product candidates to overcome key limitations of allogeneic and autologous gene-edited stem cell grafts. The company is based in Redwood City, California.
JSPR (Jasper Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $15.0M, a beta of 3.08 versus the broader market, a 52-week range of 0.623-7.19, average daily share volume of 415K, a public-listing history dating back to 2020, approximately 64 full-time employees. These structural characteristics shape how JSPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.08 indicates JSPR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on JSPR?
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 JSPR snapshot
As of May 15, 2026, spot at $0.83, ATM IV 27.40%, IV rank 2.73%, expected move 7.86%. The butterfly on JSPR 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 JSPR specifically: JSPR IV at 27.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a JSPR butterfly, with a market-implied 1-standard-deviation move of approximately 7.86% (roughly $0.07 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 JSPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on JSPR should anchor to the underlying notional of $0.83 per share and to the trader's directional view on JSPR stock.
JSPR butterfly setup
The JSPR 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 JSPR near $0.83, the first option leg uses a $0.79 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JSPR 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 JSPR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $0.79 | N/A |
| Sell 2 | Call | $0.83 | N/A |
| Buy 1 | Call | $0.87 | N/A |
JSPR butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
JSPR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on JSPR. 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.
When traders use butterfly on JSPR
Butterflies on JSPR are pinning bets - traders use them when they expect JSPR 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.
JSPR thesis for this butterfly
The market-implied 1-standard-deviation range for JSPR extends from approximately $0.76 on the downside to $0.90 on the upside. A JSPR long call butterfly is a pinning play: it pays maximum at the middle strike if JSPR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current JSPR IV rank near 2.73% 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 JSPR at 27.40%. As a Healthcare name, JSPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JSPR-specific events.
JSPR 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. JSPR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JSPR alongside the broader basket even when JSPR-specific fundamentals are unchanged. Always rebuild the position from current JSPR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on JSPR?
- A butterfly on JSPR is the butterfly strategy applied to JSPR (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 JSPR stock trading near $0.83, the strikes shown on this page are snapped to the nearest listed JSPR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are JSPR 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 JSPR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 27.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a JSPR butterfly?
- The breakeven for the JSPR butterfly priced on this page is no defined breakeven on the modeled curve 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 JSPR market-implied 1-standard-deviation expected move is approximately 7.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on JSPR?
- Butterflies on JSPR are pinning bets - traders use them when they expect JSPR 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 JSPR implied volatility affect this butterfly?
- JSPR ATM IV is at 27.40% with IV rank near 2.73%, 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.