BNTC Iron Condor Strategy
BNTC (Benitec Biopharma Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Benitec Biopharma Inc., a development-stage biotechnology company, focuses on the development of novel genetic medicines. The company develops DNA-directed RNA interference based therapeutics for chronic and life-threatening human conditions. It is developing BB-301, an adeno-associated virus based gene therapy agent for treating oculopharyngeal muscular dystrophy; and BB-103 for the treatment of chronic hepatitis B virus infection. The company was incorporated in 1995 and is headquartered in Hayward, California.
BNTC (Benitec Biopharma Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $305.8M, a beta of 0.28 versus the broader market, a 52-week range of 9.85-17.15, average daily share volume of 155K, a public-listing history dating back to 2014, approximately 16 full-time employees. These structural characteristics shape how BNTC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.28 indicates BNTC 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 BNTC?
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 BNTC snapshot
As of May 15, 2026, spot at $11.34, ATM IV 191.30%, IV rank 45.66%, expected move 54.84%. The iron condor on BNTC 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 34-day expiry.
Why this iron condor structure on BNTC specifically: BNTC IV at 191.30% is mid-range versus its 1-year history, so the credit collected on a BNTC iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 54.84% (roughly $6.22 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BNTC expiries trade a higher absolute premium for lower per-day decay. Position sizing on BNTC should anchor to the underlying notional of $11.34 per share and to the trader's directional view on BNTC stock.
BNTC iron condor setup
The BNTC 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 BNTC near $11.34, the first option leg uses a $11.91 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BNTC chain at a 34-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 BNTC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $11.91 | N/A |
| Buy 1 | Call | $12.47 | N/A |
| Sell 1 | Put | $10.77 | N/A |
| Buy 1 | Put | $10.21 | N/A |
BNTC 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.
BNTC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BNTC. 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 BNTC
Iron condors on BNTC are a delta-neutral premium-collection structure that profits if BNTC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BNTC thesis for this iron condor
The market-implied 1-standard-deviation range for BNTC extends from approximately $5.12 on the downside to $17.56 on the upside. A BNTC iron condor is a delta-neutral premium-collection structure that pays off when BNTC 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 BNTC IV rank near 45.66% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on BNTC should anchor more to the directional view and the expected-move geometry. As a Healthcare name, BNTC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BNTC-specific events.
BNTC 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. BNTC positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BNTC alongside the broader basket even when BNTC-specific fundamentals are unchanged. Short-premium structures like a iron condor on BNTC carry tail risk when realized volatility exceeds the implied move; review historical BNTC earnings reactions and macro stress periods before sizing. Always rebuild the position from current BNTC chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BNTC?
- A iron condor on BNTC is the iron condor strategy applied to BNTC (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 BNTC stock trading near $11.34, the strikes shown on this page are snapped to the nearest listed BNTC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BNTC 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 BNTC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 191.30%), 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 BNTC iron condor?
- The breakeven for the BNTC iron condor 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 BNTC market-implied 1-standard-deviation expected move is approximately 54.84%; 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 BNTC?
- Iron condors on BNTC are a delta-neutral premium-collection structure that profits if BNTC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BNTC implied volatility affect this iron condor?
- BNTC ATM IV is at 191.30% with IV rank near 45.66%, 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.