ARVN Iron Condor Strategy
ARVN (Arvinas, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Arvinas, Inc. is a biopharmaceutical company in the clinical development stage, dedicated to identifying, advancing, and marketing innovative therapies designed to eliminate disease-causing proteins. The company's pipeline features several promising candidates. These include Bavdegalutamide, a proteolysis targeting chimera (PROTAC) protein degrader, currently in Phase I clinical trials, which specifically targets the androgen receptor (AR) protein to treat metastatic castration-resistant prostate cancer (mCRPC) in men. Another key PROTAC protein degrader is ARV-471, which targets the estrogen receptor protein for patients suffering from metastatic ER-positive/HER2-negative breast cancer. Furthermore, Arvinas is developing ARV-766, an investigational orally bioavailable PROTAC protein degrader also aimed at treating mCRPC in men. The company has strategic alliances with major pharmaceutical entities including Pfizer Inc., Genentech, Inc., F.
ARVN (Arvinas, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $572.3M, a trailing P/E of 61.80, a beta of 1.74 versus the broader market, a 52-week range of 6.74-14.51, average daily share volume of 865K, a public-listing history dating back to 2018, approximately 246 full-time employees. These structural characteristics shape how ARVN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.74 indicates ARVN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 61.80 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a iron condor on ARVN?
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.
ARVN snapshot
As of August 14, 2026, spot at $8.87, ATM IV 56.10%, IV rank 12.03%, expected move 16.08%. The iron condor on ARVN below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 154-day expiry.
Why this iron condor structure on ARVN specifically: ARVN IV at 56.10% is on the cheap side of its 1-year range, which means a premium-selling ARVN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.08% (roughly $1.43 on the underlying). The 154-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ARVN expiries trade a higher absolute premium for lower per-day decay. Position sizing on ARVN should anchor to the underlying notional of $8.87 per share and to the trader's directional view on ARVN stock.
ARVN iron condor setup
The ARVN iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ARVN at $8.87 on that close, the first option leg uses a $9.31 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ARVN chain at a 154-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 ARVN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $9.31 | N/A |
| Buy 1 | Call | $9.76 | N/A |
| Sell 1 | Put | $8.43 | N/A |
| Buy 1 | Put | $7.98 | N/A |
ARVN 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.
ARVN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ARVN. 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 ARVN
Iron condors on ARVN are a delta-neutral premium-collection structure that profits if ARVN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ARVN thesis for this iron condor
The market-implied 1-standard-deviation range for ARVN extends from approximately $7.44 on the downside to $10.30 on the upside. A ARVN iron condor is a delta-neutral premium-collection structure that pays off when ARVN 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 ARVN IV rank near 12.03% 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 ARVN at 56.10%. As a Healthcare name, ARVN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ARVN-specific events.
ARVN 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. ARVN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ARVN alongside the broader basket even when ARVN-specific fundamentals are unchanged. Short-premium structures like a iron condor on ARVN carry tail risk when realized volatility exceeds the implied move; review historical ARVN earnings reactions and macro stress periods before sizing. Always rebuild the position from current ARVN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ARVN?
- A iron condor on ARVN is the iron condor strategy applied to ARVN (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 ARVN stock at $8.87 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ARVN chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ARVN 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 ARVN iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 56.10%), 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 ARVN iron condor?
- The breakeven for the ARVN iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 2026 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 ARVN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 16.08%; 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 ARVN?
- Iron condors on ARVN are a delta-neutral premium-collection structure that profits if ARVN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ARVN implied volatility affect this iron condor?
- ARVN ATM IV is at 56.10% with IV rank near 12.03%, 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.