AGEN Iron Condor Strategy
AGEN (Agenus Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Agenus Inc., a clinical-stage immuno-oncology company, discovers and develops immuno-oncology products in the United States and internationally. The company offers Retrocyte Display, an antibody expression platform for the identification of fully human and humanized monoclonal antibodies; and display technologies. It develops vaccine programs comprising Prophage vaccine candidate; and QS-21 Stimulon adjuvant, a saponin-based vaccine adjuvant. The company also develops Balstilimab, an anti-PD-1 antagonist that has completed Phase II clinical trial to treat second line cervical cancer; AGEN1181, an anti-CTLA-4 monospecific antibody that is in Phase 1/2 clinical trial; AGEN2373, an anti-CD137 monospecific antibody that is in Phase 1 clinical trial; AGEN1423, a tumor microenvironment conditioning anti-CD73/TGFß TRAP bi-functional antibody that has completed Phase 1 clinical trial; AGEN1777, an anti-TIGIT bispecific antibodies; and AGEN1327, a human monoclonal antibody. In addition, the company develops INCAGN1876, an anti-GITR monospecific antibody; INCAGN1949, an anti-OX40 monospecific antibody; INCAGN2390, an anti-TIM-3 monospecific antibody; INCAGN2385, an anti-LAG-3 monospecific antibody; MK-4830, a monospecific antibody targeting ILT4; AGENT 797, an iNKT cells that is in Phase 1 clinical trial for solid tumors, multiple myeloma, and viral ARDS, as well as in clinical stage to treat hematological malignancies and multiple myeloma/B cells; and AGEN1884, a first-generation anti-CTLA-4 monospecific antibody. Agenus Inc. operates under ASV, Agenus, AutoSynVax, EVAMPLIX, MiNK, PSV, PhosPhoSynVax, Prophage, Retrocyte Display, and Stimulon trademarks.
AGEN (Agenus Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $144.1M, a trailing P/E of 2.04, a beta of 1.61 versus the broader market, a 52-week range of 2.71-7.34, average daily share volume of 787K, a public-listing history dating back to 2000, approximately 316 full-time employees. These structural characteristics shape how AGEN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.61 indicates AGEN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 2.04 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a iron condor on AGEN?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current AGEN snapshot
As of May 15, 2026, spot at $3.58, ATM IV 112.20%, IV rank 38.41%, expected move 32.17%. The iron condor on AGEN 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 iron condor structure on AGEN specifically: AGEN IV at 112.20% is mid-range versus its 1-year history, so the credit collected on a AGEN iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 32.17% (roughly $1.15 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 AGEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on AGEN should anchor to the underlying notional of $3.58 per share and to the trader's directional view on AGEN stock.
AGEN iron condor setup
The AGEN iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AGEN near $3.58, the first option leg uses a $3.76 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AGEN 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 AGEN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $3.76 | N/A |
| Buy 1 | Call | $3.94 | N/A |
| Sell 1 | Put | $3.40 | N/A |
| Buy 1 | Put | $3.22 | N/A |
AGEN iron condor 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
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
AGEN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on AGEN. 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 iron condor on AGEN
Iron condors on AGEN are a delta-neutral premium-collection structure that profits if AGEN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
AGEN thesis for this iron condor
The market-implied 1-standard-deviation range for AGEN extends from approximately $2.43 on the downside to $4.73 on the upside. A AGEN iron condor is a delta-neutral premium-collection structure that pays off when AGEN stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current AGEN IV rank near 38.41% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on AGEN should anchor more to the directional view and the expected-move geometry. As a Healthcare name, AGEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AGEN-specific events.
AGEN iron condor positions are structurally neutral / range-bound; 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. AGEN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AGEN alongside the broader basket even when AGEN-specific fundamentals are unchanged. Short-premium structures like a iron condor on AGEN carry tail risk when realized volatility exceeds the implied move; review historical AGEN earnings reactions and macro stress periods before sizing. Always rebuild the position from current AGEN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on AGEN?
- A iron condor on AGEN is the iron condor strategy applied to AGEN (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With AGEN stock trading near $3.58, the strikes shown on this page are snapped to the nearest listed AGEN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AGEN iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the AGEN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 112.20%), 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 AGEN iron condor?
- The breakeven for the AGEN iron condor 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 AGEN market-implied 1-standard-deviation expected move is approximately 32.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on AGEN?
- Iron condors on AGEN are a delta-neutral premium-collection structure that profits if AGEN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current AGEN implied volatility affect this iron condor?
- AGEN ATM IV is at 112.20% with IV rank near 38.41%, 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.