How are LNTH 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 LNTH butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 41.20%), the computed maximum profit is $334.06 per contract and the computed maximum loss is -$145.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a LNTH butterfly?

The breakeven for the LNTH butterfly priced on this page is roughly $106.45 and $113.55 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 LNTH market-implied 1-standard-deviation expected move is approximately 11.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current LNTH implied volatility affect this butterfly?

LNTH ATM IV is at 41.20% with IV rank near 4.43%, 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.

LNTH Butterfly Strategy

LNTH (Lantheus Holdings, Inc.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.

Lantheus Holdings, Inc. is a global pharmaceutical company dedicated to the development, manufacturing, and commercialization of advanced diagnostic and therapeutic agents. Their mission is to empower clinicians worldwide in the accurate diagnosis and effective treatment of a wide spectrum of conditions, particularly heart disease, various cancers, and other serious illnesses. Their current diagnostic portfolio features several key products: DEFINITY, a microbubble ultrasound contrast agent for cardiac evaluations; TechneLite, a technetium generator essential for nuclear medicine; Xenon-133, used to assess pulmonary function; Neurolite, which helps identify stroke-damaged areas in the brain; Cardiolite, an injectable Tc-99m-labeled imaging agent; Thallium-201 for detecting cardiovascular disease; and Gallium-67, utilized in identifying infections and cancerous tumors. They also offer the Automated Bone Scan Index, a tool for quantifying prostate cancer burden from bone scans; PYLARIFY, designed for visualizing lymph nodes, bone, and soft tissue metastases to detect recurrent or metastatic prostate cancer; and Cobalt (Co 57), a non-pharmaceutical radiochemical. In the therapeutic space, Lantheus provides AZEDRA, a radiopharmaceutical treatment for both adult and pediatric patients, and RELISTOR, a medication addressing opioid-induced constipation. The company's robust development pipeline includes promising innovations such as flurpiridaz F 18, an agent for assessing myocardial blood flow; 1095, a PSMA-targeted iodine-131 labeled small molecule; LMI 1195 for neuroblastoma tumors in both children and adults; PYLARIFY AI, an AI-powered medical device software for standardized quantitative analysis of PSMA PET/CT images in prostate cancer; and leronlimab, an investigational humanized monoclonal antibody.

LNTH (Lantheus Holdings, Inc.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $7.15B, a trailing P/E of 25.47, a beta of -0.04 versus the broader market, a 52-week range of 47.25-111.46, average daily share volume of 911K, a public-listing history dating back to 2015, approximately 808 full-time employees. These structural characteristics shape how LNTH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.04 indicates LNTH has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a butterfly on LNTH?

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 LNTH snapshot

As of June 30, 2026, spot at $110.34, ATM IV 41.20%, IV rank 4.43%, expected move 11.81%. The butterfly on LNTH 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 17-day expiry.

Why this butterfly structure on LNTH specifically: LNTH IV at 41.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a LNTH butterfly, with a market-implied 1-standard-deviation move of approximately 11.81% (roughly $13.03 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LNTH expiries trade a higher absolute premium for lower per-day decay. Position sizing on LNTH should anchor to the underlying notional of $110.34 per share and to the trader's directional view on LNTH stock.

LNTH butterfly setup

The LNTH 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 LNTH near $110.34, 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 LNTH chain at a 17-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 LNTH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$105.00	$7.70
Sell 2	Call	$110.00	$4.05
Buy 1	Call	$115.00	$1.85

LNTH butterfly risk and reward

Net Premium / Debit: -$145.00
Max Profit (per contract): $334.06
Max Loss (per contract): -$145.00
Breakeven(s): $106.45, $113.55
Risk / Reward Ratio: 2.304

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.

LNTH butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on LNTH. 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	-100.0%	-$145.00
$24.41	-77.9%	-$145.00
$48.80	-55.8%	-$145.00
$73.20	-33.7%	-$145.00
$97.59	-11.6%	-$145.00
$121.99	+10.6%	-$145.00
$146.38	+32.7%	-$145.00
$170.78	+54.8%	-$145.00
$195.18	+76.9%	-$145.00
$219.57	+99.0%	-$145.00

When traders use butterfly on LNTH

Butterflies on LNTH are pinning bets - traders use them when they expect LNTH 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.

LNTH thesis for this butterfly

The market-implied 1-standard-deviation range for LNTH extends from approximately $97.31 on the downside to $123.37 on the upside. A LNTH long call butterfly is a pinning play: it pays maximum at the middle strike if LNTH settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current LNTH IV rank near 4.43% 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 LNTH at 41.20%. As a Healthcare name, LNTH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LNTH-specific events.

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

Frequently asked questions

What is a butterfly on LNTH?: A butterfly on LNTH is the butterfly strategy applied to LNTH (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 LNTH stock trading near $110.34, the strikes shown on this page are snapped to the nearest listed LNTH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are LNTH 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 LNTH butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 41.20%), the computed maximum profit is $334.06 per contract and the computed maximum loss is -$145.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a LNTH butterfly?: The breakeven for the LNTH butterfly priced on this page is roughly $106.45 and $113.55 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 LNTH market-implied 1-standard-deviation expected move is approximately 11.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on LNTH?: Butterflies on LNTH are pinning bets - traders use them when they expect LNTH 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 LNTH implied volatility affect this butterfly?: LNTH ATM IV is at 41.20% with IV rank near 4.43%, 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.