CMPX Iron Condor Strategy
CMPX (Compass Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Compass Therapeutics, Inc. is a biopharmaceutical firm focused on developing cancer treatments, with several therapeutic candidates currently in clinical trials. The company's work involves creating antibody-based medicines designed to address a variety of human health conditions. Among its leading clinical-stage programs are CTX-009, an experimental bispecific antibody engineered to inhibit the Delta-like ligand 4/Notch and vascular endothelial growth factor A signaling pathways, both of which are crucial for the growth of new blood vessels and tumor vascularization. Another significant compound is CTX-471, an IgG4 monoclonal antibody that functions as an activator of CD137. Furthermore, their developmental pipeline features CTX-8371, a bispecific inhibitor that targets both PD-1 and PD-L1. The company was established in 2014 and operates from its headquarters in Boston, Massachusetts.
CMPX (Compass Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $287.6M, a beta of 0.74 versus the broader market, a 52-week range of 1.61-6.88, average daily share volume of 8.0M, a public-listing history dating back to 2021, approximately 35 full-time employees. These structural characteristics shape how CMPX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.74 places CMPX 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 CMPX?
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 CMPX snapshot
As of June 29, 2026, spot at $2.16, ATM IV 60.30%, IV rank 12.94%, expected move 17.29%. The iron condor on CMPX 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 18-day expiry.
Why this iron condor structure on CMPX specifically: CMPX IV at 60.30% is on the cheap side of its 1-year range, which means a premium-selling CMPX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.29% (roughly $0.37 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CMPX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CMPX should anchor to the underlying notional of $2.16 per share and to the trader's directional view on CMPX stock.
CMPX iron condor setup
The CMPX 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 CMPX near $2.16, the first option leg uses a $2.27 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CMPX chain at a 18-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 CMPX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.27 | N/A |
| Buy 1 | Call | $2.38 | N/A |
| Sell 1 | Put | $2.05 | N/A |
| Buy 1 | Put | $1.94 | N/A |
CMPX 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.
CMPX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CMPX. 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 CMPX
Iron condors on CMPX are a delta-neutral premium-collection structure that profits if CMPX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CMPX thesis for this iron condor
The market-implied 1-standard-deviation range for CMPX extends from approximately $1.79 on the downside to $2.53 on the upside. A CMPX iron condor is a delta-neutral premium-collection structure that pays off when CMPX 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 CMPX IV rank near 12.94% 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 CMPX at 60.30%. As a Healthcare name, CMPX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CMPX-specific events.
CMPX 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. CMPX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CMPX alongside the broader basket even when CMPX-specific fundamentals are unchanged. Short-premium structures like a iron condor on CMPX carry tail risk when realized volatility exceeds the implied move; review historical CMPX earnings reactions and macro stress periods before sizing. Always rebuild the position from current CMPX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CMPX?
- A iron condor on CMPX is the iron condor strategy applied to CMPX (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 CMPX stock trading near $2.16, the strikes shown on this page are snapped to the nearest listed CMPX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CMPX 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 CMPX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 60.30%), 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 CMPX iron condor?
- The breakeven for the CMPX 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 CMPX market-implied 1-standard-deviation expected move is approximately 17.29%; 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 CMPX?
- Iron condors on CMPX are a delta-neutral premium-collection structure that profits if CMPX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CMPX implied volatility affect this iron condor?
- CMPX ATM IV is at 60.30% with IV rank near 12.94%, 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.