BMRN Iron Condor Strategy
BMRN (BioMarin Pharmaceutical Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
BioMarin Pharmaceutical Inc. specializes in creating and bringing to market treatments for individuals suffering from severe and often fatal rare disorders and other critical medical conditions. The company currently markets several key pharmaceutical products. Among these are Vimizim, an enzyme replacement therapy targeting mucopolysaccharidosis (MPS) IV type A, a specific lysosomal storage disorder, and Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for individuals with MPS VI. Another notable offering is Kuvan, a unique synthetic oral version of 6R-BH4, prescribed for phenylketonuria (PKU), an inherited metabolic condition. Further expanding its product portfolio, BioMarin provides Palynziq, a PEGylated recombinant phenylalanine ammonia lyase enzyme administered via subcutaneous injection to lower blood Phe levels. Also available are Brineura, a recombinant human tripeptidyl peptidase 1 used in treating ceroid lipofuscinosis type 2, a variant of Batten disease; Voxzogo, a daily injectable c-type natriuretic peptide analog for achondroplasia; and Aldurazyme, a refined protein mirroring the naturally occurring human enzyme alpha-L-iduronidase.
BMRN (BioMarin Pharmaceutical Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $11.40B, a trailing P/E of 42.26, a beta of 0.24 versus the broader market, a 52-week range of 49.26-66.28, average daily share volume of 2.1M, a public-listing history dating back to 1999, approximately 3K full-time employees. These structural characteristics shape how BMRN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.24 indicates BMRN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 42.26 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 BMRN?
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 BMRN snapshot
As of June 30, 2026, spot at $57.33, ATM IV 33.80%, IV rank 28.57%, expected move 9.69%. The iron condor on BMRN 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 iron condor structure on BMRN specifically: BMRN IV at 33.80% is on the cheap side of its 1-year range, which means a premium-selling BMRN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.69% (roughly $5.56 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 BMRN expiries trade a higher absolute premium for lower per-day decay. Position sizing on BMRN should anchor to the underlying notional of $57.33 per share and to the trader's directional view on BMRN stock.
BMRN iron condor setup
The BMRN 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 BMRN near $57.33, the first option leg uses a $60.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BMRN 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 BMRN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $60.00 | $0.73 |
| Buy 1 | Call | $62.50 | $0.38 |
| Sell 1 | Put | $55.00 | $0.75 |
| Buy 1 | Put | $52.50 | $0.25 |
BMRN iron condor risk and reward
- Net Premium / Debit
- +$85.00
- Max Profit (per contract)
- $85.00
- Max Loss (per contract)
- -$165.00
- Breakeven(s)
- $54.15, $60.85
- Risk / Reward Ratio
- 0.515
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.
BMRN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BMRN. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$165.00 |
| $12.68 | -77.9% | -$165.00 |
| $25.36 | -55.8% | -$165.00 |
| $38.03 | -33.7% | -$165.00 |
| $50.71 | -11.5% | -$165.00 |
| $63.38 | +10.6% | -$165.00 |
| $76.06 | +32.7% | -$165.00 |
| $88.73 | +54.8% | -$165.00 |
| $101.41 | +76.9% | -$165.00 |
| $114.08 | +99.0% | -$165.00 |
When traders use iron condor on BMRN
Iron condors on BMRN are a delta-neutral premium-collection structure that profits if BMRN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BMRN thesis for this iron condor
The market-implied 1-standard-deviation range for BMRN extends from approximately $51.77 on the downside to $62.89 on the upside. A BMRN iron condor is a delta-neutral premium-collection structure that pays off when BMRN 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 BMRN IV rank near 28.57% 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 BMRN at 33.80%. As a Healthcare name, BMRN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BMRN-specific events.
BMRN 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. BMRN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BMRN alongside the broader basket even when BMRN-specific fundamentals are unchanged. Short-premium structures like a iron condor on BMRN carry tail risk when realized volatility exceeds the implied move; review historical BMRN earnings reactions and macro stress periods before sizing. Always rebuild the position from current BMRN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BMRN?
- A iron condor on BMRN is the iron condor strategy applied to BMRN (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 BMRN stock trading near $57.33, the strikes shown on this page are snapped to the nearest listed BMRN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BMRN 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 BMRN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 33.80%), the computed maximum profit is $85.00 per contract and the computed maximum loss is -$165.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BMRN iron condor?
- The breakeven for the BMRN iron condor priced on this page is roughly $54.15 and $60.85 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 BMRN market-implied 1-standard-deviation expected move is approximately 9.69%; 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 BMRN?
- Iron condors on BMRN are a delta-neutral premium-collection structure that profits if BMRN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BMRN implied volatility affect this iron condor?
- BMRN ATM IV is at 33.80% with IV rank near 28.57%, 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.