NRIX Butterfly Strategy
NRIX (Nurix Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Nurix Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule therapies for the treatment of cancer and immune disorders. The company develops NX-2127, an orally available Bruton's tyrosine kinase (BTK) degrader for the treatment of relapsed or refractory B-cell malignancies; NX-5948, an orally bioavailable BTK degrader for the treatment of relapsed or refractory B-cell malignancies and autoimmune diseases; and NX-1607, an orally available Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications. It also develops NX-0255, a CBL-B inhibitor for ex vivo use to enhance adoptive T-cell therapy; and DeTIL-0255 that is in the Phase 1 clinical trial for the treatment of gynecologic cancers, including ovarian, endometrial, and cervical cancer. The company has a strategic collaboration agreement with Gilead Sciences, Inc. for cancer and other challenging diseases patients; and Sanofi S.A. The company was formerly known as Nurix Inc. and changed its name to Nurix Therapeutics, Inc. in October 2018. The company was incorporated in 2009 and is headquartered in San Francisco, California.
NRIX (Nurix Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.40B, a beta of 1.88 versus the broader market, a 52-week range of 8.195-22.5, average daily share volume of 1.1M, a public-listing history dating back to 2020, approximately 286 full-time employees. These structural characteristics shape how NRIX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.88 indicates NRIX 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 NRIX?
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 NRIX snapshot
As of May 15, 2026, spot at $15.88, ATM IV 138.60%, IV rank 22.17%, expected move 39.74%. The butterfly on NRIX 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 63-day expiry.
Why this butterfly structure on NRIX specifically: NRIX IV at 138.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a NRIX butterfly, with a market-implied 1-standard-deviation move of approximately 39.74% (roughly $6.31 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 NRIX expiries trade a higher absolute premium for lower per-day decay. Position sizing on NRIX should anchor to the underlying notional of $15.88 per share and to the trader's directional view on NRIX stock.
NRIX butterfly setup
The NRIX 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 NRIX near $15.88, 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 NRIX 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 NRIX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $15.00 | $2.80 |
| Sell 2 | Call | $16.00 | $2.45 |
| Buy 1 | Call | $17.00 | $2.50 |
NRIX butterfly risk and reward
- Net Premium / Debit
- -$40.00
- Max Profit (per contract)
- $56.48
- Max Loss (per contract)
- -$40.00
- Breakeven(s)
- $15.40, $16.60
- Risk / Reward Ratio
- 1.412
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.
NRIX butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on NRIX. 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 | -99.9% | -$40.00 |
| $3.52 | -77.8% | -$40.00 |
| $7.03 | -55.7% | -$40.00 |
| $10.54 | -33.6% | -$40.00 |
| $14.05 | -11.5% | -$40.00 |
| $17.56 | +10.6% | -$40.00 |
| $21.07 | +32.7% | -$40.00 |
| $24.58 | +54.8% | -$40.00 |
| $28.09 | +76.9% | -$40.00 |
| $31.60 | +99.0% | -$40.00 |
When traders use butterfly on NRIX
Butterflies on NRIX are pinning bets - traders use them when they expect NRIX 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.
NRIX thesis for this butterfly
The market-implied 1-standard-deviation range for NRIX extends from approximately $9.57 on the downside to $22.19 on the upside. A NRIX long call butterfly is a pinning play: it pays maximum at the middle strike if NRIX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current NRIX IV rank near 22.17% 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 NRIX at 138.60%. As a Healthcare name, NRIX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NRIX-specific events.
NRIX 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. NRIX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NRIX alongside the broader basket even when NRIX-specific fundamentals are unchanged. Always rebuild the position from current NRIX chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on NRIX?
- A butterfly on NRIX is the butterfly strategy applied to NRIX (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 NRIX stock trading near $15.88, the strikes shown on this page are snapped to the nearest listed NRIX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NRIX 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 NRIX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 138.60%), the computed maximum profit is $56.48 per contract and the computed maximum loss is -$40.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NRIX butterfly?
- The breakeven for the NRIX butterfly priced on this page is roughly $15.40 and $16.60 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 NRIX market-implied 1-standard-deviation expected move is approximately 39.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on NRIX?
- Butterflies on NRIX are pinning bets - traders use them when they expect NRIX 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 NRIX implied volatility affect this butterfly?
- NRIX ATM IV is at 138.60% with IV rank near 22.17%, 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.