PRQR Butterfly Strategy
PRQR (ProQR Therapeutics N.V.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
ProQR Therapeutics N.V. operates as a biopharmaceutical enterprise dedicated to discovering and developing RNA-based therapies designed to address genetic disorders. The company's pipeline includes two primary drug candidates in advanced clinical stages: Sepofarsen is currently in a Phase II/III clinical trial, known as the ILLUMINATE trial, targeting Leber Congenital Amaurosis 10 (LCA10). Ultevursen is also undergoing Phase II/III evaluation for the treatment of USH2A-mediated retinitis pigmentosa and Usher syndrome. Beyond its clinical programs, ProQR is actively developing its proprietary Axiomer RNA base-editing platform technology. Strategic collaborations are central to ProQR's strategy, evidenced by its licensing agreements with institutions such as Radboud University Medical Center, Inserm Transfert SA, Ionis Pharmaceuticals, Inc., and Leiden University Medical Center. Furthermore, a significant license and research partnership exists with Eli Lilly and Company, focused on the discovery, advancement, and commercialization of novel medicines for genetic conditions impacting the liver and nervous system.
PRQR (ProQR Therapeutics N.V.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $161.2M, a beta of 0.06 versus the broader market, a 52-week range of 1.33-3.1, average daily share volume of 866K, a public-listing history dating back to 2014, approximately 166 full-time employees. These structural characteristics shape how PRQR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.06 indicates PRQR 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 PRQR?
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 PRQR snapshot
As of June 30, 2026, spot at $1.88, ATM IV 20.70%, IV rank 1.02%, expected move 5.93%. The butterfly on PRQR 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 PRQR specifically: PRQR IV at 20.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a PRQR butterfly, with a market-implied 1-standard-deviation move of approximately 5.93% (roughly $0.11 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 PRQR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PRQR should anchor to the underlying notional of $1.88 per share and to the trader's directional view on PRQR stock.
PRQR butterfly setup
The PRQR 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 PRQR near $1.88, the first option leg uses a $1.79 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PRQR 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 PRQR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.79 | N/A |
| Sell 2 | Call | $1.88 | N/A |
| Buy 1 | Call | $1.97 | N/A |
PRQR 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.
PRQR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on PRQR. 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 PRQR
Butterflies on PRQR are pinning bets - traders use them when they expect PRQR 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.
PRQR thesis for this butterfly
The market-implied 1-standard-deviation range for PRQR extends from approximately $1.77 on the downside to $1.99 on the upside. A PRQR long call butterfly is a pinning play: it pays maximum at the middle strike if PRQR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current PRQR IV rank near 1.02% 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 PRQR at 20.70%. As a Healthcare name, PRQR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PRQR-specific events.
PRQR 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. PRQR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PRQR alongside the broader basket even when PRQR-specific fundamentals are unchanged. Always rebuild the position from current PRQR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on PRQR?
- A butterfly on PRQR is the butterfly strategy applied to PRQR (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 PRQR stock trading near $1.88, the strikes shown on this page are snapped to the nearest listed PRQR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PRQR 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 PRQR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 20.70%), 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 PRQR butterfly?
- The breakeven for the PRQR butterfly 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 PRQR market-implied 1-standard-deviation expected move is approximately 5.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on PRQR?
- Butterflies on PRQR are pinning bets - traders use them when they expect PRQR 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 PRQR implied volatility affect this butterfly?
- PRQR ATM IV is at 20.70% with IV rank near 1.02%, 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.