AURA Iron Condor Strategy
AURA (Aura Biosciences, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Headquartered in Cambridge, Massachusetts, Aura Biosciences, Inc. is a biotechnology firm established in 2009 that specializes in pioneering cancer treatments. The company leverages its proprietary virus-like drug conjugate (VDC) technology platform to address tumors with significant unmet medical needs, specifically in ocular (eye) and urologic oncology. Its flagship therapeutic candidate, AU-011, is a VDC currently in development for the treatment of primary choroidal melanoma. Furthermore, Aura Biosciences is investigating AU-011's potential for other ocular oncology applications, such as choroidal metastases.
AURA (Aura Biosciences, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $795.4M, a beta of 0.40 versus the broader market, a 52-week range of 4.73-9.535, average daily share volume of 588K, a public-listing history dating back to 2021, approximately 113 full-time employees. These structural characteristics shape how AURA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.40 indicates AURA 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 iron condor on AURA?
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.
AURA snapshot
As of August 14, 2026, spot at $7.73, ATM IV 282.30%, IV rank 56.02%, expected move 80.93%. The iron condor on AURA 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 iron condor structure on AURA specifically: AURA IV at 282.30% is mid-range versus its 1-year history, so the credit collected on a AURA iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 80.93% (roughly $6.26 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 AURA expiries trade a higher absolute premium for lower per-day decay. Position sizing on AURA should anchor to the underlying notional of $7.73 per share and to the trader's directional view on AURA stock.
AURA iron condor setup
The AURA 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 AURA at $7.73 on that close, the first option leg uses a $8.12 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AURA 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 AURA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $8.12 | N/A |
| Buy 1 | Call | $8.50 | N/A |
| Sell 1 | Put | $7.34 | N/A |
| Buy 1 | Put | $6.96 | N/A |
AURA 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.
AURA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on AURA. 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 AURA
Iron condors on AURA are a delta-neutral premium-collection structure that profits if AURA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
AURA thesis for this iron condor
The market-implied 1-standard-deviation range for AURA extends from approximately $1.47 on the downside to $13.99 on the upside. A AURA iron condor is a delta-neutral premium-collection structure that pays off when AURA 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 AURA IV rank near 56.02% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on AURA should anchor more to the directional view and the expected-move geometry. As a Healthcare name, AURA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AURA-specific events.
AURA 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. AURA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AURA alongside the broader basket even when AURA-specific fundamentals are unchanged. Short-premium structures like a iron condor on AURA carry tail risk when realized volatility exceeds the implied move; review historical AURA earnings reactions and macro stress periods before sizing. Always rebuild the position from current AURA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on AURA?
- A iron condor on AURA is the iron condor strategy applied to AURA (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 AURA stock at $7.73 on the most recent close, the strikes shown on this page are snapped to the nearest listed AURA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AURA 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 AURA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 282.30%), 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 AURA iron condor?
- The breakeven for the AURA iron condor 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 AURA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 80.93%; 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 AURA?
- Iron condors on AURA are a delta-neutral premium-collection structure that profits if AURA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current AURA implied volatility affect this iron condor?
- AURA ATM IV is at 282.30% with IV rank near 56.02%, 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.