AGIO Iron Condor Strategy
AGIO (Agios Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Agios Pharmaceuticals, Inc., a biopharmaceutical company, engages in the discovery and development of medicines in the field of cellular metabolism and adjacent areas of biology. The company offers PYRUKYND (mitapivat) an activator of both wild-type and a variety of mutant pyruvate kinase, PK, enzymes for the treatment of hemolytic anemias; and AG-946 that is in Phase I clinical study for treating hemolytic anemias and other indications. Agios Pharmaceuticals, Inc. was incorporated in 2007 and is headquartered in Cambridge, Massachusetts.
AGIO (Agios Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.71B, a beta of 0.58 versus the broader market, a 52-week range of 22.24-46, average daily share volume of 1.1M, a public-listing history dating back to 2013, approximately 486 full-time employees. These structural characteristics shape how AGIO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.58 indicates AGIO has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on AGIO?
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 AGIO snapshot
As of May 15, 2026, spot at $28.13, ATM IV 55.50%, IV rank 11.31%, expected move 15.91%. The iron condor on AGIO 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 AGIO specifically: AGIO IV at 55.50% is on the cheap side of its 1-year range, which means a premium-selling AGIO iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.91% (roughly $4.48 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 AGIO expiries trade a higher absolute premium for lower per-day decay. Position sizing on AGIO should anchor to the underlying notional of $28.13 per share and to the trader's directional view on AGIO stock.
AGIO iron condor setup
The AGIO 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 AGIO near $28.13, the first option leg uses a $29.54 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AGIO 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 AGIO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $29.54 | N/A |
| Buy 1 | Call | $30.94 | N/A |
| Sell 1 | Put | $26.72 | N/A |
| Buy 1 | Put | $25.32 | N/A |
AGIO 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.
AGIO iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on AGIO. 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 AGIO
Iron condors on AGIO are a delta-neutral premium-collection structure that profits if AGIO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
AGIO thesis for this iron condor
The market-implied 1-standard-deviation range for AGIO extends from approximately $23.65 on the downside to $32.61 on the upside. A AGIO iron condor is a delta-neutral premium-collection structure that pays off when AGIO 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 AGIO IV rank near 11.31% 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 AGIO at 55.50%. As a Healthcare name, AGIO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AGIO-specific events.
AGIO 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. AGIO positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AGIO alongside the broader basket even when AGIO-specific fundamentals are unchanged. Short-premium structures like a iron condor on AGIO carry tail risk when realized volatility exceeds the implied move; review historical AGIO earnings reactions and macro stress periods before sizing. Always rebuild the position from current AGIO chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on AGIO?
- A iron condor on AGIO is the iron condor strategy applied to AGIO (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 AGIO stock trading near $28.13, the strikes shown on this page are snapped to the nearest listed AGIO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AGIO 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 AGIO iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 55.50%), 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 AGIO iron condor?
- The breakeven for the AGIO 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 AGIO market-implied 1-standard-deviation expected move is approximately 15.91%; 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 AGIO?
- Iron condors on AGIO are a delta-neutral premium-collection structure that profits if AGIO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current AGIO implied volatility affect this iron condor?
- AGIO ATM IV is at 55.50% with IV rank near 11.31%, 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.