How are SYRE straddle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the SYRE straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 70.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,262.81 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SYRE straddle?

The breakeven for the SYRE straddle priced on this page is roughly $62.00 and $88.00 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 SYRE market-implied 1-standard-deviation expected move is approximately 20.33%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SYRE implied volatility affect this straddle?

SYRE ATM IV is at 70.90% with IV rank near 8.69%, 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.

SYRE Straddle Strategy

SYRE (Spyre Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Spyre Therapeutics, Inc., a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease). The company is also developing SPY002, a human monoclonal antibody (mAb)candidates designed to bind to tumor necrosis factor-like ligand 1A; and SPY120, a combination of SPY001 (anti-a4ß7) and SPY002 (anti-TL1A) antibodies, which are in preclinical studies. In addition, its other early-stage programs include SPY003, an anti-IL-23 mAb; SPY004, a novel mechanism of action (MOA) mAb; SPY130, a combination of anti-a4ß7 and anti-IL-23 mAbs; and SPY230, a combination of anti-TL1A and anti-IL-23 mAbs. The company was formerly known as Aeglea BioTherapeutics, Inc. and changed its name to Spyre Therapeutics, Inc. in November 2023. Spyre Therapeutics, Inc. was incorporated in 2013 and is based in Waltham, Massachusetts.

SYRE (Spyre Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $4.61B, a beta of 3.13 versus the broader market, a 52-week range of 13.93-78.8, average daily share volume of 1.1M, a public-listing history dating back to 2016, approximately 73 full-time employees. These structural characteristics shape how SYRE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.13 indicates SYRE has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a straddle on SYRE?

A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.

Current SYRE snapshot

As of May 15, 2026, spot at $74.25, ATM IV 70.90%, IV rank 8.69%, expected move 20.33%. The straddle on SYRE 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 straddle structure on SYRE specifically: SYRE IV at 70.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a SYRE straddle, with a market-implied 1-standard-deviation move of approximately 20.33% (roughly $15.09 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 SYRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on SYRE should anchor to the underlying notional of $74.25 per share and to the trader's directional view on SYRE stock.

SYRE straddle setup

The SYRE straddle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SYRE near $74.25, the first option leg uses a $75.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SYRE 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 SYRE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$75.00	$6.00
Buy 1	Put	$75.00	$7.00

SYRE straddle risk and reward

Net Premium / Debit: -$1,300.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$1,262.81
Breakeven(s): $62.00, $88.00
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.

SYRE straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on SYRE. 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%	+$6,199.00
$16.43	-77.9%	+$4,557.40
$32.84	-55.8%	+$2,915.80
$49.26	-33.7%	+$1,274.21
$65.67	-11.6%	-$367.39
$82.09	+10.6%	-$591.01
$98.51	+32.7%	+$1,050.59
$114.92	+54.8%	+$2,692.19
$131.34	+76.9%	+$4,333.78
$147.75	+99.0%	+$5,975.38

When traders use straddle on SYRE

Straddles on SYRE are pure-volatility plays that profit from large moves in either direction; traders typically buy SYRE straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.

SYRE thesis for this straddle

The market-implied 1-standard-deviation range for SYRE extends from approximately $59.16 on the downside to $89.34 on the upside. A SYRE long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. Current SYRE IV rank near 8.69% 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 SYRE at 70.90%. As a Healthcare name, SYRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SYRE-specific events.

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

Frequently asked questions

What is a straddle on SYRE?: A straddle on SYRE is the straddle strategy applied to SYRE (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With SYRE stock trading near $74.25, the strikes shown on this page are snapped to the nearest listed SYRE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SYRE straddle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the SYRE straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 70.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,262.81 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SYRE straddle?: The breakeven for the SYRE straddle priced on this page is roughly $62.00 and $88.00 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 SYRE market-implied 1-standard-deviation expected move is approximately 20.33%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on SYRE?: Straddles on SYRE are pure-volatility plays that profit from large moves in either direction; traders typically buy SYRE straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
How does current SYRE implied volatility affect this straddle?: SYRE ATM IV is at 70.90% with IV rank near 8.69%, 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.