How are BBIO 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 BBIO iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 43.70%), the computed maximum profit is $117.50 per contract and the computed maximum loss is -$132.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BBIO iron condor?

The breakeven for the BBIO iron condor priced on this page is roughly $73.83 and $86.18 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 BBIO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BBIO implied volatility affect this iron condor?

BBIO ATM IV is at 43.70% with IV rank near 7.46%, 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.

BBIO Iron Condor Strategy

BBIO (BridgeBio Pharma, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

BridgeBio Pharma, Inc. is a pharmaceutical company dedicated to identifying, advancing, and providing medical solutions for various genetic conditions. The firm boasts an extensive portfolio comprising 30 distinct development initiatives, spanning the entire spectrum from initial discovery research to advanced clinical trial phases. Notable candidates within its development pipeline include: AG10 and BBP-265: A small molecule designed to stabilize transthyretin (TTR), currently in a pivotal Phase 3 clinical trial targeting transthyretin amyloidosis-cardiomyopathy (ATTR-CM). BBP-831: A selective small molecule inhibitor of FGFR1-3, which is undergoing Phase 2 clinical evaluation for treating achondroplasia in pediatric patients. BBP-631: An AAV5 gene transfer product candidate, also in Phase 2 clinical trials, aimed at congenital adrenal hyperplasia (CAH) caused by 21-hydroxylase deficiency (21OHD). Furthermore, BridgeBio is developing: Encaleret: A small molecule antagonist of the calcium sensing receptor (CaSR), presently in a Phase 2 proof-of-concept study for Autosomal Dominant Hypocalcemia Type 1 (ADH1).

BBIO (BridgeBio Pharma, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $15.64B, a beta of 0.98 versus the broader market, a 52-week range of 46.81-93.415, average daily share volume of 3.2M, a public-listing history dating back to 2019, approximately 839 full-time employees. These structural characteristics shape how BBIO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.98 places BBIO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a iron condor on BBIO?

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.

BBIO snapshot

As of August 14, 2026, spot at $79.78, ATM IV 43.70%, IV rank 7.46%, expected move 12.53%. The iron condor on BBIO 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 35-day expiry.

Why this iron condor structure on BBIO specifically: BBIO IV at 43.70% is on the cheap side of its 1-year range, which means a premium-selling BBIO iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.53% (roughly $10.00 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 BBIO expiries trade a higher absolute premium for lower per-day decay. Position sizing on BBIO should anchor to the underlying notional of $79.78 per share and to the trader's directional view on BBIO stock.

BBIO iron condor setup

The BBIO 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 BBIO at $79.78 on that close, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BBIO 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 BBIO shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$85.00	$2.48
Buy 1	Call	$87.50	$1.93
Sell 1	Put	$75.00	$2.03
Buy 1	Put	$72.50	$1.40

BBIO iron condor risk and reward

Net Premium / Debit: +$117.50
Max Profit (per contract): $117.50
Max Loss (per contract): -$132.50
Breakeven(s): $73.83, $86.18
Risk / Reward Ratio: 0.887

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.

BBIO iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on BBIO. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$132.50
$17.65	-77.9%	-$132.50
$35.29	-55.8%	-$132.50
$52.93	-33.7%	-$132.50
$70.56	-11.6%	-$132.50
$88.20	+10.6%	-$132.50
$105.84	+32.7%	-$132.50
$123.48	+54.8%	-$132.50
$141.12	+76.9%	-$132.50
$158.76	+99.0%	-$132.50

When traders use iron condor on BBIO

Iron condors on BBIO are a delta-neutral premium-collection structure that profits if BBIO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

BBIO thesis for this iron condor

The market-implied 1-standard-deviation range for BBIO extends from approximately $69.78 on the downside to $89.78 on the upside. A BBIO iron condor is a delta-neutral premium-collection structure that pays off when BBIO 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 BBIO IV rank near 7.46% 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 BBIO at 43.70%. As a Healthcare name, BBIO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BBIO-specific events.

BBIO 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. BBIO positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BBIO alongside the broader basket even when BBIO-specific fundamentals are unchanged. Short-premium structures like a iron condor on BBIO carry tail risk when realized volatility exceeds the implied move; review historical BBIO earnings reactions and macro stress periods before sizing. Always rebuild the position from current BBIO chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on BBIO?: A iron condor on BBIO is the iron condor strategy applied to BBIO (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 BBIO stock at $79.78 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed BBIO chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BBIO 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 BBIO iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 43.70%), the computed maximum profit is $117.50 per contract and the computed maximum loss is -$132.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BBIO iron condor?: The breakeven for the BBIO iron condor priced on this page is roughly $73.83 and $86.18 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 BBIO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.53%; 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 BBIO?: Iron condors on BBIO are a delta-neutral premium-collection structure that profits if BBIO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current BBIO implied volatility affect this iron condor?: BBIO ATM IV is at 43.70% with IV rank near 7.46%, 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.