Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Call Spread trade opportunity for NEUROCRINE BIOSCIENCES (NBIX) for the 16-Apr-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. NBIX was recently trading at $93.80 and has an implied volatility of 42.64% for this period. Based on an analysis of the options available for NBIX expiring on 16-Apr-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $85.49-$93.80 at expiration. In this scenario, the average linear return for the trade would be 33.51%. Big -7.34% Change: After closing the last trading session at $101.23, NEUROCRINE BIOSCIENCES opened today at $100.12 and has reached a low of $93.28. Trade approach: A movement as big as -7.34% 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 $93.80 on 16-Apr-2021. 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 $94.50 on 16-Apr-2021. Based on our risk-neutral analysis, there is a 53.17% 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.