RGNX Bull Call Spread Strategy
RGNX (REGENXBIO Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
REGENXBIO Inc. is a biotechnology company operating in the clinical stage, dedicated to developing gene therapy candidates. These therapies are designed to introduce genes into cells, aiming either to rectify genetic deficiencies or to stimulate the body's own cells to produce therapeutic proteins or antibodies to combat diseases. Central to its therapeutic development is the proprietary NAV Technology Platform, an adeno-associated virus-based gene delivery system. The company's primary investigational asset, RGX-314, is currently in Phase III clinical trials for treating wet age-related macular degeneration. Its pipeline also includes RGX-121 and RGX-111, both in Phase I/II trials for mucopolysaccharidosis type II and type I, respectively; RGX-181, which is in preclinical development for late-infantile neuronal ceroid lipofuscinosis type II disease; RGX-202, undergoing Phase I/II evaluation for Duchenne muscular dystrophy; and RGX-381, at the preclinical stage for addressing the ocular manifestations of CLN2 disease. In addition to its internal programs, REGENXBIO Inc. licenses its NAV Technology Platform to other biotech and pharmaceutical enterprises.
RGNX (REGENXBIO Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $541.8M, a beta of 1.03 versus the broader market, a 52-week range of 5.455-16.19, average daily share volume of 1.6M, a public-listing history dating back to 2015, approximately 353 full-time employees. These structural characteristics shape how RGNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.03 places RGNX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bull call spread on RGNX?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current RGNX snapshot
As of June 30, 2026, spot at $11.94, ATM IV 108.20%, IV rank 14.69%, expected move 31.02%. The bull call spread on RGNX 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 bull call spread structure on RGNX specifically: RGNX IV at 108.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a RGNX bull call spread, with a market-implied 1-standard-deviation move of approximately 31.02% (roughly $3.70 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 RGNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on RGNX should anchor to the underlying notional of $11.94 per share and to the trader's directional view on RGNX stock.
RGNX bull call spread setup
The RGNX bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With RGNX near $11.94, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RGNX 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 RGNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $12.00 | $0.68 |
| Sell 1 | Call | $13.00 | $0.53 |
RGNX bull call spread risk and reward
- Net Premium / Debit
- -$15.00
- Max Profit (per contract)
- $85.00
- Max Loss (per contract)
- -$15.00
- Breakeven(s)
- $12.15
- Risk / Reward Ratio
- 5.667
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
RGNX bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on RGNX. 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% | -$15.00 |
| $2.65 | -77.8% | -$15.00 |
| $5.29 | -55.7% | -$15.00 |
| $7.93 | -33.6% | -$15.00 |
| $10.57 | -11.5% | -$15.00 |
| $13.20 | +10.6% | +$85.00 |
| $15.84 | +32.7% | +$85.00 |
| $18.48 | +54.8% | +$85.00 |
| $21.12 | +76.9% | +$85.00 |
| $23.76 | +99.0% | +$85.00 |
When traders use bull call spread on RGNX
Bull call spreads on RGNX reduce the cost of a bullish RGNX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
RGNX thesis for this bull call spread
The market-implied 1-standard-deviation range for RGNX extends from approximately $8.24 on the downside to $15.64 on the upside. A RGNX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on RGNX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current RGNX IV rank near 14.69% 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 RGNX at 108.20%. As a Healthcare name, RGNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RGNX-specific events.
RGNX bull call spread positions are structurally moderately bullish; 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. RGNX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RGNX alongside the broader basket even when RGNX-specific fundamentals are unchanged. Long-premium structures like a bull call spread on RGNX are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current RGNX chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on RGNX?
- A bull call spread on RGNX is the bull call spread strategy applied to RGNX (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With RGNX stock trading near $11.94, the strikes shown on this page are snapped to the nearest listed RGNX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RGNX bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the RGNX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 108.20%), the computed maximum profit is $85.00 per contract and the computed maximum loss is -$15.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RGNX bull call spread?
- The breakeven for the RGNX bull call spread priced on this page is roughly $12.15 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 RGNX market-implied 1-standard-deviation expected move is approximately 31.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on RGNX?
- Bull call spreads on RGNX reduce the cost of a bullish RGNX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current RGNX implied volatility affect this bull call spread?
- RGNX ATM IV is at 108.20% with IV rank near 14.69%, 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.