How are NTLA collar max profit and max loss calculated?

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the NTLA collar priced from the end-of-day chain at a 30-day expiry (ATM IV 82.70%), the computed maximum profit is $63.50 per contract and the computed maximum loss is -$36.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NTLA collar?

The breakeven for the NTLA collar priced on this page is roughly $13.37 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 NTLA market-implied 1-standard-deviation expected move is approximately 23.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NTLA implied volatility affect this collar?

NTLA ATM IV is at 82.70% with IV rank near 28.90%, 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.

NTLA Collar Strategy

NTLA (Intellia Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Intellia Therapeutics, Inc., a genome editing company, focuses on the development of therapeutics. The company's in vivo programs include NTLA-2001, which is in Phase 1 clinical trial for the treatment of transthyretin amyloidosis; and NTLA-2002 for the treatment of hereditary angioedema, as well as other liver-focused programs comprising hemophilia A and hemophilia B, hyperoxaluria Type 1, and alpha-1 antitrypsin deficiency. Its ex vivo pipeline includes NTLA-5001 for the treatment of acute myeloid leukemia; and proprietary programs focused on developing engineered cell therapies to treat various oncological and autoimmune disorders. In addition, it offers tools comprising of Clustered, Regularly Interspaced Short Palindromic Repeats/CRISPR associated 9 (CRISPR/Cas9) system. Intellia Therapeutics, Inc. has license and collaboration agreements with Novartis Institutes for BioMedical Research, Inc. to engineer hematopoietic stem cells for the treatment of sickle cell disease; Regeneron Pharmaceuticals, Inc. to co-develop potential products for the treatment of hemophilia A and hemophilia B; Ospedale San Raffaele; and a strategic collaboration with SparingVision SAS to develop novel genomic medicines utilizing CRISPR/Cas9 technology for the treatment of ocular diseases. The company was formerly known as AZRN, Inc.

NTLA (Intellia Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.60B, a beta of 1.93 versus the broader market, a 52-week range of 6.83-28.25, average daily share volume of 5.8M, a public-listing history dating back to 2016, approximately 403 full-time employees. These structural characteristics shape how NTLA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.93 indicates NTLA 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 collar on NTLA?

A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.

Current NTLA snapshot

As of May 15, 2026, spot at $13.39, ATM IV 82.70%, IV rank 28.90%, expected move 23.71%. The collar on NTLA 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 collar structure on NTLA specifically: IV regime affects collar pricing on both sides; compressed NTLA IV at 82.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 23.71% (roughly $3.17 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 NTLA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NTLA should anchor to the underlying notional of $13.39 per share and to the trader's directional view on NTLA stock.

NTLA collar setup

The NTLA collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NTLA near $13.39, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NTLA 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 NTLA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$13.39	long
Sell 1	Call	$14.00	$1.15
Buy 1	Put	$13.00	$1.13

NTLA collar risk and reward

Net Premium / Debit: -$1,336.50
Max Profit (per contract): $63.50
Max Loss (per contract): -$36.50
Breakeven(s): $13.37
Risk / Reward Ratio: 1.740

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.

NTLA collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on NTLA. 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%	-$36.50
$2.97	-77.8%	-$36.50
$5.93	-55.7%	-$36.50
$8.89	-33.6%	-$36.50
$11.85	-11.5%	-$36.50
$14.81	+10.6%	+$63.50
$17.77	+32.7%	+$63.50
$20.73	+54.8%	+$63.50
$23.69	+76.9%	+$63.50
$26.65	+99.0%	+$63.50

When traders use collar on NTLA

Collars on NTLA hedge an existing long NTLA stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.

NTLA thesis for this collar

The market-implied 1-standard-deviation range for NTLA extends from approximately $10.22 on the downside to $16.56 on the upside. A NTLA collar hedges an existing long NTLA position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current NTLA IV rank near 28.90% 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 NTLA at 82.70%. As a Healthcare name, NTLA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NTLA-specific events.

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

Frequently asked questions

What is a collar on NTLA?: A collar on NTLA is the collar strategy applied to NTLA (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With NTLA stock trading near $13.39, the strikes shown on this page are snapped to the nearest listed NTLA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NTLA collar max profit and max loss calculated?: Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the NTLA collar priced from the end-of-day chain at a 30-day expiry (ATM IV 82.70%), the computed maximum profit is $63.50 per contract and the computed maximum loss is -$36.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NTLA collar?: The breakeven for the NTLA collar priced on this page is roughly $13.37 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 NTLA market-implied 1-standard-deviation expected move is approximately 23.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on NTLA?: Collars on NTLA hedge an existing long NTLA stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
How does current NTLA implied volatility affect this collar?: NTLA ATM IV is at 82.70% with IV rank near 28.90%, 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.