RGEN Butterfly Strategy
RGEN (Repligen Corporation), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
Repligen Corporation develops and commercializes bioprocessing technologies and systems for use in biological drug manufacturing process in North America, Europe, the Asia Pacific, and internationally. It offers Protein A ligands that are the binding components of Protein A affinity chromatography resins; and cell culture growth factor products. The company's chromatography products include OPUS pre-packed chromatography columns, which are used in the purification of biologics; and OPUS smaller-scale columns that are used in the high throughput process development screening, viral clearance validation studies, and scale down validation of chromatography processes. It also offers ELISA test kits; and chromatography resins under the CaptivA brand. In addition, the company provides filtration products, such as XCell Alternating Tangential Flow systems that are filtration devices used in upstream perfusion and cell culture processing; TangenX flat sheet cassettes, which are used in downstream biologic drug concentration and formulation processes; KrosFlo tangential flow filtration and tangential flow depth filtration systems; Spectra/Por laboratory and process dialysis products, and SpectraFlo dynamic dialysis systems; and ProConnex single-use hollow fiber. Further, it provides process analytics products, such as slope spectroscopy systems under the SoloVPE, FlowVPE, and FlowVPX brands.
RGEN (Repligen Corporation) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $6.04B, a trailing P/E of 117.35, a beta of 1.09 versus the broader market, a 52-week range of 106.92-175.77, average daily share volume of 983K, a public-listing history dating back to 1986, approximately 2K full-time employees. These structural characteristics shape how RGEN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.09 places RGEN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 117.35 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a butterfly on RGEN?
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 RGEN snapshot
As of May 15, 2026, spot at $103.34, ATM IV 51.30%, IV rank 3.97%, expected move 14.71%. The butterfly on RGEN 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 butterfly structure on RGEN specifically: RGEN IV at 51.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a RGEN butterfly, with a market-implied 1-standard-deviation move of approximately 14.71% (roughly $15.20 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 RGEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on RGEN should anchor to the underlying notional of $103.34 per share and to the trader's directional view on RGEN stock.
RGEN butterfly setup
The RGEN 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 RGEN near $103.34, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RGEN 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 RGEN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $100.00 | $9.30 |
| Sell 2 | Call | $105.00 | $6.75 |
| Buy 1 | Call | $110.00 | $4.20 |
RGEN butterfly risk and reward
- Net Premium / Debit
- -$0.00
- Max Profit (per contract)
- $490.28
- Max Loss (per contract)
- -$0.00
- Breakeven(s)
- $99.71, $110.10
- Risk / Reward Ratio
- 479,173,429,260,049.900
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.
RGEN butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on RGEN. 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 | -100.0% | -$0.00 |
| $22.86 | -77.9% | -$0.00 |
| $45.71 | -55.8% | -$0.00 |
| $68.55 | -33.7% | -$0.00 |
| $91.40 | -11.6% | -$0.00 |
| $114.25 | +10.6% | $0.00 |
| $137.10 | +32.7% | -$0.00 |
| $159.95 | +54.8% | -$0.00 |
| $182.79 | +76.9% | -$0.00 |
| $205.64 | +99.0% | -$0.00 |
When traders use butterfly on RGEN
Butterflies on RGEN are pinning bets - traders use them when they expect RGEN 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.
RGEN thesis for this butterfly
The market-implied 1-standard-deviation range for RGEN extends from approximately $88.14 on the downside to $118.54 on the upside. A RGEN long call butterfly is a pinning play: it pays maximum at the middle strike if RGEN settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current RGEN IV rank near 3.97% 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 RGEN at 51.30%. As a Healthcare name, RGEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RGEN-specific events.
RGEN 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. RGEN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RGEN alongside the broader basket even when RGEN-specific fundamentals are unchanged. Always rebuild the position from current RGEN chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on RGEN?
- A butterfly on RGEN is the butterfly strategy applied to RGEN (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 RGEN stock trading near $103.34, the strikes shown on this page are snapped to the nearest listed RGEN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RGEN 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 RGEN butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 51.30%), the computed maximum profit is $490.28 per contract and the computed maximum loss is -$0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RGEN butterfly?
- The breakeven for the RGEN butterfly priced on this page is roughly $99.71 and $110.10 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 RGEN market-implied 1-standard-deviation expected move is approximately 14.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on RGEN?
- Butterflies on RGEN are pinning bets - traders use them when they expect RGEN 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 RGEN implied volatility affect this butterfly?
- RGEN ATM IV is at 51.30% with IV rank near 3.97%, 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.