ANNX Iron Condor Strategy
ANNX (Annexon, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Annexon, Inc., a clinical-stage biopharmaceutical company, discovers and develops therapeutics for autoimmune, neurodegenerative, and ophthalmic disorders. The company's C1q is an initiating molecule of the classical complement pathway that targets distinct disease processes, such as antibody-mediated autoimmune disease and complement-mediated neurodegeneration. Its product candidates include ANX005, a monoclonal antibody, which is in Phase II/III clinical trials to treat patients with guillain- barré syndrome; Phase II trial in patients with warm autoimmune hemolytic anemia; and Phase II clinical trial for Huntington's disease and amyotrophic lateral sclerosis. The company is also developing ANX009 that is in Phase Ib trial in patients with lupus nephritis; and ANX007, which is in Phase II clinical trials to treat patients with geographic atrophy. In addition, it develops ANX105, an investigational monoclonal antibody targeting neurodegenerative indications; and ANX1502, an investigational oral small molecule for the treatment of certain autoimmune indications. The company was incorporated in 2011 and is headquartered in Brisbane, California.
ANNX (Annexon, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $651.8M, a beta of 1.22 versus the broader market, a 52-week range of 1.7-7.18, average daily share volume of 2.6M, a public-listing history dating back to 2020, approximately 106 full-time employees. These structural characteristics shape how ANNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.22 places ANNX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on ANNX?
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 ANNX snapshot
As of May 15, 2026, spot at $5.21, ATM IV 109.90%, IV rank 31.09%, expected move 31.51%. The iron condor on ANNX 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 ANNX specifically: ANNX IV at 109.90% is mid-range versus its 1-year history, so the credit collected on a ANNX iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 31.51% (roughly $1.64 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 ANNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANNX should anchor to the underlying notional of $5.21 per share and to the trader's directional view on ANNX stock.
ANNX iron condor setup
The ANNX 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 ANNX near $5.21, the first option leg uses a $5.47 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANNX 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 ANNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.47 | N/A |
| Buy 1 | Call | $5.73 | N/A |
| Sell 1 | Put | $4.95 | N/A |
| Buy 1 | Put | $4.69 | N/A |
ANNX 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.
ANNX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ANNX. 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 ANNX
Iron condors on ANNX are a delta-neutral premium-collection structure that profits if ANNX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ANNX thesis for this iron condor
The market-implied 1-standard-deviation range for ANNX extends from approximately $3.57 on the downside to $6.85 on the upside. A ANNX iron condor is a delta-neutral premium-collection structure that pays off when ANNX 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 ANNX IV rank near 31.09% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ANNX should anchor more to the directional view and the expected-move geometry. As a Healthcare name, ANNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANNX-specific events.
ANNX 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. ANNX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANNX alongside the broader basket even when ANNX-specific fundamentals are unchanged. Short-premium structures like a iron condor on ANNX carry tail risk when realized volatility exceeds the implied move; review historical ANNX earnings reactions and macro stress periods before sizing. Always rebuild the position from current ANNX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ANNX?
- A iron condor on ANNX is the iron condor strategy applied to ANNX (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 ANNX stock trading near $5.21, the strikes shown on this page are snapped to the nearest listed ANNX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ANNX 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 ANNX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 109.90%), 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 ANNX iron condor?
- The breakeven for the ANNX 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 ANNX market-implied 1-standard-deviation expected move is approximately 31.51%; 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 ANNX?
- Iron condors on ANNX are a delta-neutral premium-collection structure that profits if ANNX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ANNX implied volatility affect this iron condor?
- ANNX ATM IV is at 109.90% with IV rank near 31.09%, 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.