NMRA Straddle Strategy
NMRA (Neumora Therapeutics, Inc. Common Stock), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Neumora Therapeutics, Inc. is a specialized biopharmaceutical company progressing through clinical trials, dedicated to advancing therapies for a range of neurological, psychiatric, and neurodegenerative conditions. Its most advanced candidate, navacaprant (also known as NMRA-140), is a novel, once-daily oral kappa opioid receptor antagonist currently undergoing Phase 3 clinical trials for the management of major depressive disorder. Additionally, NMRA-511 is in Phase 1 studies, targeting agitation experienced by individuals with Alzheimer's-related dementia. Another compound, NMRA-266, is also in Phase 1 clinical development, aimed at addressing schizophrenia and other related neuropsychiatric conditions. Beyond its clinical programs, Neumora maintains a preclinical pipeline featuring several promising candidates: NMRA-NMDA for schizophrenia, NMRA-CK1d (a CK1d inhibitor initiative) for amyotrophic lateral sclerosis (ALS), NMRA-NLRP3 for specific neurodegenerative ailments, and NMRA-GCase for Parkinson's disease. Tracing its origins to a 2019 incorporation, the company, initially known as RBNC Therapeutics, Inc., adopted its current name, Neumora Therapeutics, Inc., in October 2021.
NMRA (Neumora Therapeutics, Inc. Common Stock) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $303.9M, a beta of 2.76 versus the broader market, a 52-week range of 0.716-3.65, average daily share volume of 2.1M, a public-listing history dating back to 2023, approximately 110 full-time employees. These structural characteristics shape how NMRA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.76 indicates NMRA 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 straddle on NMRA?
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.
Current NMRA snapshot
As of June 29, 2026, spot at $1.69, ATM IV 362.10%, IV rank 75.23%, expected move 103.81%. The straddle on NMRA 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 18-day expiry.
Why this straddle structure on NMRA specifically: NMRA IV at 362.10% is rich versus its 1-year range, which makes a premium-buying NMRA straddle relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 103.81% (roughly $1.75 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NMRA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NMRA should anchor to the underlying notional of $1.69 per share and to the trader's directional view on NMRA stock.
NMRA straddle setup
The NMRA straddle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NMRA near $1.69, the first option leg uses a $1.69 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NMRA chain at a 18-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 NMRA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.69 | N/A |
| Buy 1 | Put | $1.69 | N/A |
NMRA straddle 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
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.
NMRA straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on NMRA. 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 straddle on NMRA
Straddles on NMRA are pure-volatility plays that profit from large moves in either direction; traders typically buy NMRA straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
NMRA thesis for this straddle
The market-implied 1-standard-deviation range for NMRA extends from approximately $-0.06 on the downside to $3.44 on the upside. A NMRA 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 NMRA IV rank near 75.23% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on NMRA at 362.10%. As a Healthcare name, NMRA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NMRA-specific events.
NMRA 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. NMRA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NMRA alongside the broader basket even when NMRA-specific fundamentals are unchanged. Always rebuild the position from current NMRA chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on NMRA?
- A straddle on NMRA is the straddle strategy applied to NMRA (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 NMRA stock trading near $1.69, the strikes shown on this page are snapped to the nearest listed NMRA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NMRA 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 NMRA straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 362.10%), 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 NMRA straddle?
- The breakeven for the NMRA straddle 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 NMRA market-implied 1-standard-deviation expected move is approximately 103.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on NMRA?
- Straddles on NMRA are pure-volatility plays that profit from large moves in either direction; traders typically buy NMRA 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 NMRA implied volatility affect this straddle?
- NMRA ATM IV is at 362.10% with IV rank near 75.23%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.