ATNM Strangle Strategy
ATNM (Actinium Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on AMEX.
Actinium Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical firm dedicated to developing and commercializing treatments, primarily focusing on those for bone marrow transplant (BMT) or other cellular and adoptive cell therapies. Its leading drug candidate, I-131 apamistamab (known as Iomab-B), is currently in a crucial Phase III clinical trial for its role in conditioning elderly patients with relapsed or refractory acute myeloid leukemia prior to BMT. Additionally, Iomab-B is being evaluated in a Phase I study for its use with CD19-targeted CAR T-cell therapy, a partnership with Memorial Sloan Kettering Cancer Center. The company's pipeline also includes several clinical and preclinical development programs that harness various isotopes such as Actinium-225, Iodine-131, and Lutetium-177. These programs are designed to target a range of validated cancer markers, including CD45, CD33, CD38, CD47, HER2, and HER3. Their applications span targeted conditioning regimens for cell and gene therapies, such as bone marrow transplantation, and as standalone or combination cancer therapeutics.
ATNM (Actinium Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $31.1M, a beta of -0.05 versus the broader market, a 52-week range of 0.94-1.89, average daily share volume of 183K, a public-listing history dating back to 2012, approximately 31 full-time employees. These structural characteristics shape how ATNM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.05 indicates ATNM 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 strangle on ATNM?
A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money.
Current ATNM snapshot
As of June 30, 2026, spot at $0.98, ATM IV 20.50%, IV rank 0.63%, expected move 5.88%. The strangle on ATNM 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 17-day expiry.
Why this strangle structure on ATNM specifically: ATNM IV at 20.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a ATNM strangle, with a market-implied 1-standard-deviation move of approximately 5.88% (roughly $0.06 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ATNM expiries trade a higher absolute premium for lower per-day decay. Position sizing on ATNM should anchor to the underlying notional of $0.98 per share and to the trader's directional view on ATNM stock.
ATNM strangle setup
The ATNM strangle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ATNM near $0.98, the first option leg uses a $1.03 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ATNM chain at a 17-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 ATNM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.03 | N/A |
| Buy 1 | Put | $0.93 | N/A |
ATNM strangle 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 put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit.
ATNM strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on ATNM. 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 strangle on ATNM
Strangles on ATNM are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the ATNM chain.
ATNM thesis for this strangle
The market-implied 1-standard-deviation range for ATNM extends from approximately $0.92 on the downside to $1.04 on the upside. A ATNM long strangle is the OTM cousin of the straddle: lower up-front cost but the underlying has to travel further past either OTM strike before the position turns profitable at expiration. Current ATNM IV rank near 0.63% 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 ATNM at 20.50%. As a Healthcare name, ATNM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ATNM-specific events.
ATNM strangle positions are structurally neutral / high-volatility (long premium, OTM); 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. ATNM positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ATNM alongside the broader basket even when ATNM-specific fundamentals are unchanged. Always rebuild the position from current ATNM chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on ATNM?
- A strangle on ATNM is the strangle strategy applied to ATNM (stock). The strategy is structurally neutral / high-volatility (long premium, OTM): A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money. With ATNM stock trading near $0.98, the strikes shown on this page are snapped to the nearest listed ATNM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ATNM strangle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit. For the ATNM strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 20.50%), 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 ATNM strangle?
- The breakeven for the ATNM strangle 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 ATNM market-implied 1-standard-deviation expected move is approximately 5.88%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on ATNM?
- Strangles on ATNM are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the ATNM chain.
- How does current ATNM implied volatility affect this strangle?
- ATNM ATM IV is at 20.50% with IV rank near 0.63%, 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.