How are SNDX 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 SNDX butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 64.90%), the computed maximum profit is $167.44 per contract and the computed maximum loss is $70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SNDX butterfly?

The breakeven for the SNDX butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 2026 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 SNDX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SNDX implied volatility affect this butterfly?

SNDX ATM IV is at 64.90% with IV rank near 21.88%, 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.

SNDX Butterfly Strategy

SNDX (Syndax Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Syndax Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical firm focused on developing innovative therapies for cancer. Among its leading investigational products are SNDX-5613, currently undergoing Phase 1/2 clinical assessment, which targets the Menin-mixed lineage leukemia 1 protein interaction for treating MLL-rearranged (MLLr) and nucleophosmin 1 mutant acute myeloid leukemia (NPM1c AML). Another significant candidate is SNDX-6352, or axatilimab, a monoclonal antibody designed to block the colony stimulating factor 1 (CSF-1) receptor, intended for patients suffering from chronic graft versus host disease (cGVHD). The company is additionally progressing Entinostat. Syndax has also established strategic collaborations, including a research and development agreement with the National Cancer Institute, a clinical trial agreement with the Eastern Cooperative Oncology Group, and a license agreement with Kyowa Hakko Kirin Co., Ltd. Founded in 2005, Syndax Pharmaceuticals, Inc. maintains its corporate headquarters in Waltham, Massachusetts.

SNDX (Syndax Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.75B, a beta of 0.37 versus the broader market, a 52-week range of 12.99-25.59, average daily share volume of 1.8M, a public-listing history dating back to 2016, approximately 298 full-time employees. These structural characteristics shape how SNDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.37 indicates SNDX 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 SNDX?

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.

SNDX snapshot

As of August 14, 2026, spot at $19.53, ATM IV 64.90%, IV rank 21.88%, expected move 18.61%. The butterfly on SNDX below is built from the August 14, 2026 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 SNDX specifically: SNDX IV at 64.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a SNDX butterfly, with a market-implied 1-standard-deviation move of approximately 18.61% (roughly $3.63 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 SNDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SNDX should anchor to the underlying notional of $19.53 per share and to the trader's directional view on SNDX stock.

SNDX butterfly setup

The SNDX butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SNDX at $19.53 on that close, the first option leg uses a $19.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SNDX 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 SNDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$19.00	$1.60
Sell 2	Call	$20.00	$1.68
Buy 1	Call	$21.00	$1.05

SNDX butterfly risk and reward

Net Premium / Debit: +$70.00
Max Profit (per contract): $167.44
Max Loss (per contract): $70.00
Breakeven(s): None on modeled curve
Risk / Reward Ratio: 2.392

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.

SNDX butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on SNDX. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	+$70.00
$4.33	-77.8%	+$70.00
$8.64	-55.7%	+$70.00
$12.96	-33.6%	+$70.00
$17.28	-11.5%	+$70.00
$21.60	+10.6%	+$70.00
$25.91	+32.7%	+$70.00
$30.23	+54.8%	+$70.00
$34.55	+76.9%	+$70.00
$38.86	+99.0%	+$70.00

When traders use butterfly on SNDX

Butterflies on SNDX are pinning bets - traders use them when they expect SNDX 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.

SNDX thesis for this butterfly

The market-implied 1-standard-deviation range for SNDX extends from approximately $15.90 on the downside to $23.16 on the upside. A SNDX long call butterfly is a pinning play: it pays maximum at the middle strike if SNDX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current SNDX IV rank near 21.88% 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 SNDX at 64.90%. As a Healthcare name, SNDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SNDX-specific events.

SNDX 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. SNDX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SNDX alongside the broader basket even when SNDX-specific fundamentals are unchanged. Always rebuild the position from current SNDX chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on SNDX?: A butterfly on SNDX is the butterfly strategy applied to SNDX (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 SNDX stock at $19.53 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SNDX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SNDX 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 SNDX butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 64.90%), the computed maximum profit is $167.44 per contract and the computed maximum loss is $70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SNDX butterfly?: The breakeven for the SNDX butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 2026 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 SNDX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on SNDX?: Butterflies on SNDX are pinning bets - traders use them when they expect SNDX 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 SNDX implied volatility affect this butterfly?: SNDX ATM IV is at 64.90% with IV rank near 21.88%, 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.