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 $426.8M, a beta of 0.82 versus the broader market, a 52-week range of 1.61-6.88, average daily share volume of 7.6M, a public-listing history dating back to 2021, approximately 39 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 0.82 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.
CMPX snapshot
As of August 14, 2026, spot at $2.25, ATM IV 140.20%, IV rank 29.19%, expected move 40.19%. The iron condor on CMPX 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 CMPX specifically: CMPX IV at 140.20% 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 40.19% (roughly $0.90 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 CMPX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CMPX should anchor to the underlying notional of $2.25 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 at $2.25 on that close, the first option leg uses a $2.36 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 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 CMPX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.36 | N/A |
| Buy 1 | Call | $2.48 | N/A |
| Sell 1 | Put | $2.14 | N/A |
| Buy 1 | Put | $2.03 | 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 $1.35 on the downside to $3.15 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 29.19% 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 140.20%. 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 at $2.25 on the most recent close, the strikes shown on this page are snapped to the nearest listed CMPX chain strike and the premiums come straight from that session's 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 140.20%), 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 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 CMPX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 40.19%; 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 140.20% with IV rank near 29.19%, 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.