ANIX Covered Call Strategy
ANIX (Anixa Biosciences, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Anixa Biosciences, Inc., a biotechnology company, develops therapies and vaccines focusing on critical unmet needs in oncology and infectious diseases. The company's therapeutics programs include the development of a chimeric endocrine receptor T-cell technology, a novel form of chimeric antigen receptor T-cell (CAR-T) technology focusing on the treatment of ovarian cancer; and the discovery and development of anti-viral drug candidates for the treatment of COVID-19 focused on inhibiting certain protein functions of the virus. Its vaccine programs comprise the development of a vaccine against triple negative breast cancer; and a preventative vaccine against ovarian cancer. The company is also developing immuno-therapy drugs against cancer. It has a collaboration agreement with MolGenie GmbH to discover and develop anti-viral drug candidates against COVID-19. The company was formerly known as ITUS Corporation and changed its name to Anixa Biosciences, Inc. in October 2018.
ANIX (Anixa Biosciences, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $97.2M, a beta of 0.65 versus the broader market, a 52-week range of 2.44-5.46, average daily share volume of 118K, a public-listing history dating back to 1983, approximately 5 full-time employees. These structural characteristics shape how ANIX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.65 indicates ANIX 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 covered call on ANIX?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
Current ANIX snapshot
As of May 15, 2026, spot at $2.85, ATM IV 31.70%, IV rank 1.95%, expected move 9.09%. The covered call on ANIX 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 covered call structure on ANIX specifically: ANIX IV at 31.70% is on the cheap side of its 1-year range, which means a premium-selling ANIX covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.09% (roughly $0.26 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 ANIX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANIX should anchor to the underlying notional of $2.85 per share and to the trader's directional view on ANIX stock.
ANIX covered call setup
The ANIX covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ANIX near $2.85, the first option leg uses a $2.99 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANIX 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 ANIX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $2.85 | long |
| Sell 1 | Call | $2.99 | N/A |
ANIX covered call 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 short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
ANIX covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on ANIX. 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 covered call on ANIX
Covered calls on ANIX are an income strategy run on existing ANIX stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
ANIX thesis for this covered call
The market-implied 1-standard-deviation range for ANIX extends from approximately $2.59 on the downside to $3.11 on the upside. A ANIX covered call collects premium on an existing long ANIX position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether ANIX will breach that level within the expiration window. Current ANIX IV rank near 1.95% 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 ANIX at 31.70%. As a Healthcare name, ANIX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANIX-specific events.
ANIX covered call positions are structurally neutral to slightly bullish; 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. ANIX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANIX alongside the broader basket even when ANIX-specific fundamentals are unchanged. Short-premium structures like a covered call on ANIX carry tail risk when realized volatility exceeds the implied move; review historical ANIX earnings reactions and macro stress periods before sizing. Always rebuild the position from current ANIX chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on ANIX?
- A covered call on ANIX is the covered call strategy applied to ANIX (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With ANIX stock trading near $2.85, the strikes shown on this page are snapped to the nearest listed ANIX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ANIX covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the ANIX covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 31.70%), 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 ANIX covered call?
- The breakeven for the ANIX covered call 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 ANIX market-implied 1-standard-deviation expected move is approximately 9.09%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a covered call on ANIX?
- Covered calls on ANIX are an income strategy run on existing ANIX stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current ANIX implied volatility affect this covered call?
- ANIX ATM IV is at 31.70% with IV rank near 1.95%, 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.