AGEN Straddle Strategy
AGEN (Agenus Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Agenus Inc. is a clinical-stage biotechnology firm operating globally, dedicated to the discovery and development of immuno-oncology therapies. The company's innovative technological arsenal includes Retrocyte Display, a sophisticated antibody expression platform designed to identify fully human and humanized monoclonal antibodies, alongside other proprietary display technologies. Agenus is also actively involved in vaccine development programs, featuring the Prophage vaccine candidate and QS-21 Stimulon, a widely recognized saponin-based vaccine adjuvant. Its robust and diverse pipeline of therapeutic candidates targets various immune checkpoints and cancer pathways. Notable assets in clinical development include: Balstilimab: An anti-PD-1 antagonist that has successfully completed Phase II trials for the treatment of second-line cervical cancer. AGEN1181: A monospecific anti-CTLA-4 antibody currently undergoing Phase 1/2 clinical evaluation.
AGEN (Agenus Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $304.8M, a trailing P/E of 3.29, a beta of 1.55 versus the broader market, a 52-week range of 2.71-8.85, average daily share volume of 3.2M, a public-listing history dating back to 2000, approximately 81 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 1.55 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 3.29 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 straddle on AGEN?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
AGEN snapshot
As of August 14, 2026, spot at $7.42, ATM IV 98.50%, IV rank 18.29%, expected move 28.24%. The straddle on AGEN below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this straddle structure on AGEN specifically: AGEN IV at 98.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a AGEN straddle, with a market-implied 1-standard-deviation move of approximately 28.24% (roughly $2.10 on the underlying). The 35-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 $7.42 per share and to the trader's directional view on AGEN stock.
AGEN straddle setup
The AGEN straddle 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 at $7.42 on that close, the first option leg uses a $7.42 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 35-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) |
|---|---|---|---|
| Buy 1 | Call | $7.42 | N/A |
| Buy 1 | Put | $7.42 | N/A |
AGEN straddle 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 strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
AGEN straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle 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 straddle on AGEN
Straddles on AGEN are pure-volatility plays that profit from large moves in either direction; traders typically buy AGEN straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
AGEN thesis for this straddle
The market-implied 1-standard-deviation range for AGEN extends from approximately $5.32 on the downside to $9.52 on the upside. A AGEN long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. Current AGEN IV rank near 18.29% 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 AGEN at 98.50%. 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 straddle positions are structurally neutral / high-volatility (long premium); 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. Always rebuild the position from current AGEN chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on AGEN?
- A straddle on AGEN is the straddle strategy applied to AGEN (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With AGEN stock at $7.42 on the most recent close, the strikes shown on this page are snapped to the nearest listed AGEN chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AGEN straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the AGEN straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 98.50%), 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 AGEN straddle?
- The breakeven for the AGEN straddle priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The AGEN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.24%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on AGEN?
- Straddles on AGEN are pure-volatility plays that profit from large moves in either direction; traders typically buy AGEN straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current AGEN implied volatility affect this straddle?
- AGEN ATM IV is at 98.50% with IV rank near 18.29%, 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.