Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for NEUROCRINE BIOSCIENCES (NBIX) for the 18-Dec-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. NBIX was recently trading at $87.88 and has an implied volatility of 44.59% for this period. Based on an analysis of the options available for NBIX expiring on 18-Dec-2020, there is a 34.13% likelihood that the underlying will close within the analyzed range of $76.07-$87.89 at expiration. In this scenario, the average linear return for the trade would be 34.19%. Big -14.52% Change: After closing the last trading session at $102.81, NEUROCRINE BIOSCIENCES opened today at $90.21 and has reached a low of $86.55. Trade approach: A movement as big as -14.52% is a significantly bearish indicator, so this trade is designed to be profitable if NBIX maintains its current direction and does not revert back to pricing on the bullish side of $87.88 on 18-Dec-2020. If possible, the trade has been padded such that slight movement against the trade would still return a profit. Upside potential: Using this bearish strategy, the trade would be profitable if NEUROCRINE BIOSCIENCES closes at or below $89.10 on 18-Dec-2020. Based on our risk-neutral analysis, there is a 53.76% likelihood of this return. Downside risk: As with any options trade, there is a substantial downside risk where you may lose most or all of your investment. To analyze this trade in depth, please visit the Quantcha Options Search Engine.