ACIU Strangle Strategy
ACIU (AC Immune S.A.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
AC Immune SA, a clinical stage biopharmaceutical company, discovers, designs, and develops medicines and diagnostic products for the prevention and treatment of neurodegenerative diseases associated with protein misfolding. Its SupraAntigen and Morphomer platforms are designed to generate vaccines, antibodies, and small molecules, which selectively interact with misfolded proteins that are common in a range of neurodegenerative diseases. The company is developing Crenezumab, a humanized, conformation-specific monoclonal antibody, which is in Phase II clinical prevention trial for the treatment of Alzheimer's disease (AD). It is also developing ACI-24, an anti-Abeta vaccine candidate that is in Phase II clinical study for AD, as well as completed Phase Ib clinical study for Down syndrome; ACI-35, an anti-Tau vaccine candidate that has completed Phase Ib clinical study; and Tau- positron emission tomography (PET) imaging tracer, which is in Phase II clinical study. In addition, the company is researching and developing small molecule Tau aggregation inhibitors for AD and NeuroOrphan indications. Further, it has discovery and preclinical stage molecules targeting range of neurodegenerative diseases, which include diagnostics targeting TDP-43, alpha-synuclein, and NLRP3.
ACIU (AC Immune S.A.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $289.0M, a beta of 1.63 versus the broader market, a 52-week range of 1.52-4, average daily share volume of 289K, a public-listing history dating back to 2016, approximately 133 full-time employees. These structural characteristics shape how ACIU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.63 indicates ACIU 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 ACIU?
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 ACIU snapshot
As of May 15, 2026, spot at $2.81, ATM IV 23.50%, IV rank 1.16%, expected move 6.74%. The strangle on ACIU 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 strangle structure on ACIU specifically: ACIU IV at 23.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a ACIU strangle, with a market-implied 1-standard-deviation move of approximately 6.74% (roughly $0.19 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 ACIU expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACIU should anchor to the underlying notional of $2.81 per share and to the trader's directional view on ACIU stock.
ACIU strangle setup
The ACIU 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 ACIU near $2.81, the first option leg uses a $2.95 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACIU 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 ACIU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $2.95 | N/A |
| Buy 1 | Put | $2.67 | N/A |
ACIU strangle risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
ACIU strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on ACIU. 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.
When traders use strangle on ACIU
Strangles on ACIU 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 ACIU chain.
ACIU thesis for this strangle
The market-implied 1-standard-deviation range for ACIU extends from approximately $2.62 on the downside to $3.00 on the upside. A ACIU 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 ACIU IV rank near 1.16% 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 ACIU at 23.50%. As a Healthcare name, ACIU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACIU-specific events.
ACIU 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. ACIU positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ACIU alongside the broader basket even when ACIU-specific fundamentals are unchanged. Always rebuild the position from current ACIU chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on ACIU?
- A strangle on ACIU is the strangle strategy applied to ACIU (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 ACIU stock trading near $2.81, the strikes shown on this page are snapped to the nearest listed ACIU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ACIU 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 ACIU strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 23.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ACIU strangle?
- The breakeven for the ACIU strangle priced on this page is no defined breakeven on the modeled curve 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 ACIU market-implied 1-standard-deviation expected move is approximately 6.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on ACIU?
- Strangles on ACIU 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 ACIU chain.
- How does current ACIU implied volatility affect this strangle?
- ACIU ATM IV is at 23.50% with IV rank near 1.16%, 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.