How are URGN 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 URGN strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 77.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$392.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a URGN strangle?

The breakeven for the URGN strangle priced on this page is roughly $31.08 and $41.93 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 URGN market-implied 1-standard-deviation expected move is approximately 22.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current URGN implied volatility affect this strangle?

URGN ATM IV is at 77.50% with IV rank near 33.68%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

URGN Strangle Strategy

URGN (UroGen Pharma Ltd.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

UroGen Pharma Ltd., a biotechnology company, engages in the development and commercialization of solutions for urothelial and specialty cancers. It offers RTGel, a novel proprietary polymeric biocompatible, reverse thermal gelation hydrogel technology; Mitomycin a generic drug used off-label as an adjuvant chemotherapy for the treatment of low-grade NMIBC after trans-urethral resection of bladder tumor; Zusduri, a sustained-release formulation of mitomycin for the treatment of non-muscle invasive bladder cancer (NMIBC); and Jelmyto for pyelocalyceal solutions. The company’s lead product candidates are UGN-103, which is in phase 3 of clinical trial for intravesical solution; and UGN-104 that is in phase 3 of clinical trial for pyelocalyceal solution designed for the treatment of several forms of non-muscle invasive urothelial cancer that include low-grade upper tract urothelial cancer and low-grade intermediate risk NMIBC. It is also developing UGN-301, UGN-301+UGN 201, and UGN-301+gemcitabine that are in phase 1 of clinical trial for the treatment of high-grade NMIBC. The company has license agreement with Agenus Inc. to develop, make, use, sell, import, and commercialize products of Agenus for the treatment of cancers of the urinary tract via intravesical delivery; and licensing and supply agreement with medac Gesellschaft für klinische Spezialpräparate m.b.H. to develop UGN-103 and UGN-104. UroGen Pharma Ltd. was incorporated in 2004 and is headquartered in Princeton, New Jersey.

URGN (UroGen Pharma Ltd.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.68B, a beta of 1.62 versus the broader market, a 52-week range of 12.73-36.08, average daily share volume of 798K, a public-listing history dating back to 2017, approximately 291 full-time employees. These structural characteristics shape how URGN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.62 indicates URGN 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 strangle on URGN?

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 URGN snapshot

As of June 29, 2026, spot at $36.60, ATM IV 77.50%, IV rank 33.68%, expected move 22.22%. The strangle on URGN 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 18-day expiry.

Why this strangle structure on URGN specifically: URGN IV at 77.50% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 22.22% (roughly $8.13 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated URGN expiries trade a higher absolute premium for lower per-day decay. Position sizing on URGN should anchor to the underlying notional of $36.60 per share and to the trader's directional view on URGN stock.

URGN strangle setup

The URGN 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 URGN near $36.60, the first option leg uses a $38.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed URGN chain at a 18-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 URGN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$38.00	$1.28
Buy 1	Put	$35.00	$2.65

URGN strangle risk and reward

Net Premium / Debit: -$392.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$392.50
Breakeven(s): $31.08, $41.93
Risk / Reward Ratio: Unbounded

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.

URGN strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on URGN. 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	-100.0%	+$3,106.50
$8.10	-77.9%	+$2,297.36
$16.19	-55.8%	+$1,488.23
$24.28	-33.7%	+$679.09
$32.38	-11.5%	-$130.04
$40.47	+10.6%	-$145.82
$48.56	+32.7%	+$663.31
$56.65	+54.8%	+$1,472.45
$64.74	+76.9%	+$2,281.59
$72.83	+99.0%	+$3,090.72

When traders use strangle on URGN

Strangles on URGN 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 URGN chain.

URGN thesis for this strangle

The market-implied 1-standard-deviation range for URGN extends from approximately $28.47 on the downside to $44.73 on the upside. A URGN 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 URGN IV rank near 33.68% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on URGN should anchor more to the directional view and the expected-move geometry. As a Healthcare name, URGN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to URGN-specific events.

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

Frequently asked questions

What is a strangle on URGN?: A strangle on URGN is the strangle strategy applied to URGN (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 URGN stock trading near $36.60, the strikes shown on this page are snapped to the nearest listed URGN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are URGN 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 URGN strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 77.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$392.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a URGN strangle?: The breakeven for the URGN strangle priced on this page is roughly $31.08 and $41.93 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 URGN market-implied 1-standard-deviation expected move is approximately 22.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on URGN?: Strangles on URGN 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 URGN chain.
How does current URGN implied volatility affect this strangle?: URGN ATM IV is at 77.50% with IV rank near 33.68%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.