ANTX Straddle Strategy
ANTX (AN2 Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
AN2 Therapeutics, Inc. is a biopharmaceutical company currently in its clinical development phase, specializing in the creation of treatments for uncommon, long-term, and severe infectious conditions. A key focus of their pipeline is epetraborole, an investigational oral medication designed for once-daily administration to individuals battling chronic non-tuberculous mycobacterial lung disease. This enterprise was established in 2017 and operates from its headquarters situated in Menlo Park, California.
ANTX (AN2 Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $226.2M, a beta of -0.99 versus the broader market, a 52-week range of 1-7.19, average daily share volume of 298K, a public-listing history dating back to 2022, approximately 21 full-time employees. These structural characteristics shape how ANTX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.99 indicates ANTX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ANTX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a straddle on ANTX?
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.
ANTX snapshot
As of August 14, 2026, spot at $6.05, ATM IV 361.70%, expected move 103.70%. The straddle on ANTX below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this straddle structure on ANTX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ANTX is inferred from ATM IV at 361.70% alone, with a market-implied 1-standard-deviation move of approximately 103.70% (roughly $6.27 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ANTX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANTX should anchor to the underlying notional of $6.05 per share and to the trader's directional view on ANTX stock.
ANTX straddle setup
The ANTX 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 ANTX at $6.05 on that close, the first option leg uses a $6.05 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANTX chain at a 35-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 ANTX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $6.05 | N/A |
| Buy 1 | Put | $6.05 | N/A |
ANTX 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.
ANTX straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on ANTX. 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 ANTX
Straddles on ANTX are pure-volatility plays that profit from large moves in either direction; traders typically buy ANTX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
ANTX thesis for this straddle
The market-implied 1-standard-deviation range for ANTX extends from approximately $-0.22 on the downside to $12.32 on the upside. A ANTX 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. As a Healthcare name, ANTX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANTX-specific events.
ANTX 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. ANTX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANTX alongside the broader basket even when ANTX-specific fundamentals are unchanged. Always rebuild the position from current ANTX chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on ANTX?
- A straddle on ANTX is the straddle strategy applied to ANTX (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 ANTX stock at $6.05 on the most recent close, the strikes shown on this page are snapped to the nearest listed ANTX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ANTX 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 ANTX straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 361.70%), 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 ANTX straddle?
- The breakeven for the ANTX straddle priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ANTX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 103.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on ANTX?
- Straddles on ANTX are pure-volatility plays that profit from large moves in either direction; traders typically buy ANTX 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 ANTX implied volatility affect this straddle?
- Current ANTX ATM IV is 361.70%; IV rank context is unavailable in the current snapshot.