OKUR Butterfly Strategy
OKUR (OnKure Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
OnKure, Inc., established in 2011 and based in Boulder, Colorado, operates as a biopharmaceutical company primarily engaged in the creation and advancement of precise therapeutic agents for cancer. A core area of their research centers on developing highly selective inhibitors for histone deacetylases. Their current pipeline features OKI-179, an inhibitor specifically engineered to combat a wide spectrum of malignancies, including both blood-related cancers and solid tumor formations.
OKUR (OnKure Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $159.2M, a beta of 0.30 versus the broader market, a 52-week range of 2.185-5.38, average daily share volume of 261K, a public-listing history dating back to 2021, approximately 45 full-time employees. These structural characteristics shape how OKUR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.30 indicates OKUR 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 OKUR?
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.
OKUR snapshot
As of August 14, 2026, spot at $3.97, ATM IV 23.80%, expected move 6.82%. The butterfly on OKUR below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this butterfly structure on OKUR specifically: IV rank is unavailable in the current snapshot, so regime-based timing for OKUR is inferred from ATM IV at 23.80% alone, with a market-implied 1-standard-deviation move of approximately 6.82% (roughly $0.27 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OKUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on OKUR should anchor to the underlying notional of $3.97 per share and to the trader's directional view on OKUR stock.
OKUR butterfly setup
The OKUR 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 OKUR at $3.97 on that close, the first option leg uses a $3.77 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OKUR chain at a 35-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 OKUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $3.77 | N/A |
| Sell 2 | Call | $3.97 | N/A |
| Buy 1 | Call | $4.17 | N/A |
OKUR 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.
OKUR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on OKUR. 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 OKUR
Butterflies on OKUR are pinning bets - traders use them when they expect OKUR 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.
OKUR thesis for this butterfly
The market-implied 1-standard-deviation range for OKUR extends from approximately $3.70 on the downside to $4.24 on the upside. A OKUR long call butterfly is a pinning play: it pays maximum at the middle strike if OKUR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Healthcare name, OKUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OKUR-specific events.
OKUR 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. OKUR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OKUR alongside the broader basket even when OKUR-specific fundamentals are unchanged. Always rebuild the position from current OKUR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on OKUR?
- A butterfly on OKUR is the butterfly strategy applied to OKUR (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 OKUR stock at $3.97 on the most recent close, the strikes shown on this page are snapped to the nearest listed OKUR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OKUR 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 OKUR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 23.80%), 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 OKUR butterfly?
- The breakeven for the OKUR butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The OKUR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on OKUR?
- Butterflies on OKUR are pinning bets - traders use them when they expect OKUR 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 OKUR implied volatility affect this butterfly?
- Current OKUR ATM IV is 23.80%; IV rank context is unavailable in the current snapshot.