SCYX Strangle Strategy
SCYX (SCYNEXIS, Inc.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.
SCYNEXIS, Inc., a biotechnology company, develops products for the treatment fungal infections in the United States. It offers BREXAFEMME (ibrexafungerp tablets) for the treatment of vulvovaginal candidiasis (VVC). The company is developing its lead product candidate, Ibrexafungerp, as a novel oral and intravenous drug for the treatment of various fungal infections, including recurrent VVC, invasive aspergillosis, invasive candidiasis, and refractory invasive fungal infections; and ibrexafungerp that has completed Phase 3 CANDLE study for the prevention of recurrent (VVC). It has research collaborations with Merck Sharp & Dohme Corp., Hansoh (Shanghai) Health Technology Co., Ltd., Jiangsu Hansoh Pharmaceutical Group Company Limited, and R-Pharm, CJSC to develop and commercialize rights for ibrexafungerp. The company was formerly known as SCYNEXIS Chemistry & Automation, Inc. and changed its name to SCYNEXIS, Inc. in June 2002. SCYNEXIS, Inc. was incorporated in 1999 and is headquartered in Jersey City, New Jersey.
SCYX (SCYNEXIS, Inc.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $38.3M, a beta of 1.12 versus the broader market, a 52-week range of 0.565-1.31, average daily share volume of 557K, a public-listing history dating back to 2014, approximately 28 full-time employees. These structural characteristics shape how SCYX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.12 places SCYX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a strangle on SCYX?
A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money.
Current SCYX snapshot
As of May 15, 2026, spot at $0.73, ATM IV 20.70%, IV rank 0.77%, expected move 5.93%. The strangle on SCYX 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 strangle structure on SCYX specifically: SCYX IV at 20.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a SCYX strangle, with a market-implied 1-standard-deviation move of approximately 5.93% (roughly $0.04 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 SCYX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SCYX should anchor to the underlying notional of $0.73 per share and to the trader's directional view on SCYX stock.
SCYX strangle setup
The SCYX strangle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SCYX near $0.73, the first option leg uses a $0.77 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SCYX 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 SCYX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $0.77 | N/A |
| Buy 1 | Put | $0.69 | N/A |
SCYX strangle 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
Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit.
SCYX strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on SCYX. 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 strangle on SCYX
Strangles on SCYX are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the SCYX chain.
SCYX thesis for this strangle
The market-implied 1-standard-deviation range for SCYX extends from approximately $0.69 on the downside to $0.77 on the upside. A SCYX long strangle is the OTM cousin of the straddle: lower up-front cost but the underlying has to travel further past either OTM strike before the position turns profitable at expiration. Current SCYX IV rank near 0.77% 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 SCYX at 20.70%. As a Healthcare name, SCYX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SCYX-specific events.
SCYX strangle positions are structurally neutral / high-volatility (long premium, OTM); 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. SCYX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SCYX alongside the broader basket even when SCYX-specific fundamentals are unchanged. Always rebuild the position from current SCYX chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on SCYX?
- A strangle on SCYX is the strangle strategy applied to SCYX (stock). The strategy is structurally neutral / high-volatility (long premium, OTM): A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money. With SCYX stock trading near $0.73, the strikes shown on this page are snapped to the nearest listed SCYX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SCYX strangle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit. For the SCYX strangle 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 SCYX strangle?
- The breakeven for the SCYX strangle 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 SCYX 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 strangle on SCYX?
- Strangles on SCYX are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the SCYX chain.
- How does current SCYX implied volatility affect this strangle?
- SCYX ATM IV is at 20.70% with IV rank near 0.77%, 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.