ANIX Iron Condor 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 iron condor on ANIX?
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 ANIX snapshot
As of May 15, 2026, spot at $2.85, ATM IV 31.70%, IV rank 1.95%, expected move 9.09%. The iron condor 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 iron condor 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 iron condor 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 iron condor setup
The ANIX 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 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) |
|---|---|---|---|
| Sell 1 | Call | $2.99 | N/A |
| Buy 1 | Call | $3.14 | N/A |
| Sell 1 | Put | $2.71 | N/A |
| Buy 1 | Put | $2.57 | N/A |
ANIX 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.
ANIX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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 iron condor on ANIX
Iron condors on ANIX are a delta-neutral premium-collection structure that profits if ANIX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ANIX thesis for this iron condor
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 iron condor is a delta-neutral premium-collection structure that pays off when ANIX 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 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 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. 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 iron condor 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 iron condor on ANIX?
- A iron condor on ANIX is the iron condor strategy applied to ANIX (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 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 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 ANIX iron condor 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 iron condor?
- The breakeven for the ANIX 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 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 iron condor on ANIX?
- Iron condors on ANIX are a delta-neutral premium-collection structure that profits if ANIX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ANIX implied volatility affect this iron condor?
- 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.