ANAB Straddle Strategy

ANAB (AnaptysBio, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

AnaptysBio, Inc., a clinical-stage biotechnology company, focuses in delivering immunology therapeutics for autoimmune and inflammatory diseases in the United States. The company’s products include Rosnilimab, a selective pathogenic T cell deplete which completed a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis; ANB033, a CD122 antagonist, which is in a Phase 1b trial for celiac disease and eosinophilic esophagitis; ANB101, a BDCA2 modulator antibody which is in Phase 1a trial that specifically targets plasmacytoid dendritic cells and inhibits interferon secretion and modulates antigen presentation; dostarlimab, a PD-1 antagonist for various solid tumor indications; and Imsidolimab, an antibody that inhibits the interleukin-36 receptor, which is in the Phase 3 development for the treatment of generalized pustular psoriasis. It focuses on developing various antibody programs that are advanced to preclinical and clinical milestones under its collaborations. It has collaborations agreement with GSK and Vanda. The company was formerly known as Anaptys Biosciences, Inc. and changed its name to AnaptysBio, Inc. in July 2006. AnaptysBio, Inc. was incorporated in 2005 and is based in San Diego, California.

ANAB (AnaptysBio, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.72B, a beta of 0.41 versus the broader market, a 52-week range of 11.404-72.36, average daily share volume of 703K, a public-listing history dating back to 2017, approximately 104 full-time employees. These structural characteristics shape how ANAB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.41 indicates ANAB 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 straddle on ANAB?

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.

Current ANAB snapshot

As of June 29, 2026, spot at $65.64, ATM IV 90.50%, IV rank 30.81%, expected move 25.95%. The straddle on ANAB 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 18-day expiry.

Why this straddle structure on ANAB specifically: ANAB IV at 90.50% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 25.95% (roughly $17.03 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ANAB expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANAB should anchor to the underlying notional of $65.64 per share and to the trader's directional view on ANAB stock.

ANAB straddle setup

The ANAB 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 ANAB near $65.64, the first option leg uses a $65.64 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANAB chain at a 18-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 ANAB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$65.64	N/A
Buy 1	Put	$65.64	N/A

ANAB 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.

ANAB straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on ANAB. 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 ANAB

Straddles on ANAB are pure-volatility plays that profit from large moves in either direction; traders typically buy ANAB straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.

ANAB thesis for this straddle

The market-implied 1-standard-deviation range for ANAB extends from approximately $48.61 on the downside to $82.67 on the upside. A ANAB 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 ANAB IV rank near 30.81% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on ANAB should anchor more to the directional view and the expected-move geometry. As a Healthcare name, ANAB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANAB-specific events.

ANAB 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. ANAB positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANAB alongside the broader basket even when ANAB-specific fundamentals are unchanged. Always rebuild the position from current ANAB chain quotes before placing a trade.

Frequently asked questions

What is a straddle on ANAB?: A straddle on ANAB is the straddle strategy applied to ANAB (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 ANAB stock trading near $65.64, the strikes shown on this page are snapped to the nearest listed ANAB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ANAB 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 ANAB straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 90.50%), 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 ANAB straddle?: The breakeven for the ANAB straddle 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 ANAB market-implied 1-standard-deviation expected move is approximately 25.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on ANAB?: Straddles on ANAB are pure-volatility plays that profit from large moves in either direction; traders typically buy ANAB 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 ANAB implied volatility affect this straddle?: ANAB ATM IV is at 90.50% with IV rank near 30.81%, 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.