AKBA Iron Condor Strategy
AKBA (Akebia Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Akebia Therapeutics, Inc., established in 2007 and headquartered in Cambridge, Massachusetts, is a biopharmaceutical company focused on discovering and commercializing therapies for patients suffering from kidney diseases. The firm's leading experimental drug, vadadustat, is an oral treatment currently in Phase III clinical trials. Its purpose is to address anemia resulting from chronic kidney disease (CKD) in adult patients, encompassing both those dependent on dialysis and those who are not. Akebia also markets Auryxia, a ferric citrate product used to manage serum phosphorus levels in adult CKD patients undergoing dialysis, and to treat iron deficiency anemia in adult CKD patients who are not on dialysis. The company has several key collaboration agreements: with Otsuka Pharmaceutical Co. Ltd. for vadadustat's development and commercialization across major regions including the United States, European Union, Russia, China, Australia, Canada, and the Middle East; with Mitsubishi Tanabe Pharma Corporation for vadadustat in Japan and other Asian territories; and a research and licensing deal with Janssen Pharmaceutica NV pertaining to hypoxia-inducible factor prolyl hydroxylase targeted compounds globally.
AKBA (Akebia Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $305.8M, a beta of 0.25 versus the broader market, a 52-week range of 0.823-4.079, average daily share volume of 4.4M, a public-listing history dating back to 2014, approximately 181 full-time employees. These structural characteristics shape how AKBA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.25 indicates AKBA 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 AKBA?
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 AKBA snapshot
As of June 30, 2026, spot at $1.13, ATM IV 327.90%, IV rank 65.37%, expected move 94.01%. The iron condor on AKBA 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 17-day expiry.
Why this iron condor structure on AKBA specifically: AKBA IV at 327.90% is mid-range versus its 1-year history, so the credit collected on a AKBA iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 94.01% (roughly $1.06 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AKBA expiries trade a higher absolute premium for lower per-day decay. Position sizing on AKBA should anchor to the underlying notional of $1.13 per share and to the trader's directional view on AKBA stock.
AKBA iron condor setup
The AKBA 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 AKBA near $1.13, the first option leg uses a $1.19 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AKBA chain at a 17-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 AKBA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1.19 | N/A |
| Buy 1 | Call | $1.24 | N/A |
| Sell 1 | Put | $1.07 | N/A |
| Buy 1 | Put | $1.02 | N/A |
AKBA 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.
AKBA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on AKBA. 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 AKBA
Iron condors on AKBA are a delta-neutral premium-collection structure that profits if AKBA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
AKBA thesis for this iron condor
The market-implied 1-standard-deviation range for AKBA extends from approximately $0.07 on the downside to $2.19 on the upside. A AKBA iron condor is a delta-neutral premium-collection structure that pays off when AKBA 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 AKBA IV rank near 65.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on AKBA should anchor more to the directional view and the expected-move geometry. As a Healthcare name, AKBA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AKBA-specific events.
AKBA 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. AKBA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AKBA alongside the broader basket even when AKBA-specific fundamentals are unchanged. Short-premium structures like a iron condor on AKBA carry tail risk when realized volatility exceeds the implied move; review historical AKBA earnings reactions and macro stress periods before sizing. Always rebuild the position from current AKBA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on AKBA?
- A iron condor on AKBA is the iron condor strategy applied to AKBA (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 AKBA stock trading near $1.13, the strikes shown on this page are snapped to the nearest listed AKBA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AKBA 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 AKBA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 327.90%), 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 AKBA iron condor?
- The breakeven for the AKBA 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 AKBA market-implied 1-standard-deviation expected move is approximately 94.01%; 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 AKBA?
- Iron condors on AKBA are a delta-neutral premium-collection structure that profits if AKBA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current AKBA implied volatility affect this iron condor?
- AKBA ATM IV is at 327.90% with IV rank near 65.37%, 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.