ARMP Iron Condor Strategy
ARMP (Armata Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on AMEX.
Armata Pharmaceuticals, Inc., a clinical-stage biotechnology company, focuses on the development of targeted bacteriophage therapeutics for antibiotic-resistant infections worldwide. It develops its products using its proprietary bacteriophage-based technology. The company's product candidates include AP-SA02 for the treatment of Staphylococcus aureus bacteremia; AP-PA02 for Pseudomonas aeruginosa; and AP-PA03 for the treatment of pneumonia. It has a partnership agreement with Merck & Co. for developing synthetic bacteriophage candidates to target undisclosed infectious disease agents. The company is headquartered in Marina del Rey, California.
ARMP (Armata Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $323.1M, a beta of 1.32 versus the broader market, a 52-week range of 1.17-16.34, average daily share volume of 56K, a public-listing history dating back to 1994, approximately 60 full-time employees. These structural characteristics shape how ARMP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.32 indicates ARMP has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on ARMP?
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 ARMP snapshot
As of May 15, 2026, spot at $8.05, ATM IV 209.80%, IV rank 38.08%, expected move 60.15%. The iron condor on ARMP 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 ARMP specifically: ARMP IV at 209.80% is mid-range versus its 1-year history, so the credit collected on a ARMP iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 60.15% (roughly $4.84 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 ARMP expiries trade a higher absolute premium for lower per-day decay. Position sizing on ARMP should anchor to the underlying notional of $8.05 per share and to the trader's directional view on ARMP stock.
ARMP iron condor setup
The ARMP 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 ARMP near $8.05, the first option leg uses a $8.45 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ARMP 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 ARMP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $8.45 | N/A |
| Buy 1 | Call | $8.86 | N/A |
| Sell 1 | Put | $7.65 | N/A |
| Buy 1 | Put | $7.25 | N/A |
ARMP 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.
ARMP iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ARMP. 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 ARMP
Iron condors on ARMP are a delta-neutral premium-collection structure that profits if ARMP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ARMP thesis for this iron condor
The market-implied 1-standard-deviation range for ARMP extends from approximately $3.21 on the downside to $12.89 on the upside. A ARMP iron condor is a delta-neutral premium-collection structure that pays off when ARMP 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 ARMP IV rank near 38.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ARMP should anchor more to the directional view and the expected-move geometry. As a Healthcare name, ARMP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ARMP-specific events.
ARMP 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. ARMP positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ARMP alongside the broader basket even when ARMP-specific fundamentals are unchanged. Short-premium structures like a iron condor on ARMP carry tail risk when realized volatility exceeds the implied move; review historical ARMP earnings reactions and macro stress periods before sizing. Always rebuild the position from current ARMP chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ARMP?
- A iron condor on ARMP is the iron condor strategy applied to ARMP (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 ARMP stock trading near $8.05, the strikes shown on this page are snapped to the nearest listed ARMP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ARMP 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 ARMP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 209.80%), 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 ARMP iron condor?
- The breakeven for the ARMP 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 ARMP market-implied 1-standard-deviation expected move is approximately 60.15%; 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 ARMP?
- Iron condors on ARMP are a delta-neutral premium-collection structure that profits if ARMP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ARMP implied volatility affect this iron condor?
- ARMP ATM IV is at 209.80% with IV rank near 38.08%, 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.