CORT Iron Condor Strategy
CORT (Corcept Therapeutics Incorporated), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Corcept Therapeutics Incorporated, founded in 1998 and headquartered in Menlo Park, California, is a pharmaceutical firm dedicated to the discovery, development, and commercialization of treatments for serious metabolic, oncological, and neuropsychiatric disorders across the United States. Its primary commercial offering is Korlym (mifepristone) tablets, an oral medication taken once daily. Korlym is prescribed for adult patients diagnosed with endogenous Cushing's syndrome who suffer from hyperglycemia due to hypercortisolism, particularly those with type 2 diabetes or glucose intolerance, and for whom surgical options have either failed or are not viable. The company's development pipeline is robust, featuring relacorilant, which is being advanced for Cushing's syndrome. It is also investigating a combination of relacorilant with nab-paclitaxel; this pairing has concluded Phase II clinical trials for advanced ovarian tumors and is additionally being studied for conditions involving cortisol excess. Furthermore, Corcept is developing distinct selective cortisol modulators for specific indications such as metastatic castration-resistant prostate cancer and antipsychotic-induced weight gain, alongside research into FKBP5 gene expression assays.
CORT (Corcept Therapeutics Incorporated) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $9.37B, a trailing P/E of 190.37, a beta of 0.50 versus the broader market, a 52-week range of 28.66-91, average daily share volume of 1.2M, a public-listing history dating back to 2004, approximately 500 full-time employees. These structural characteristics shape how CORT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.50 indicates CORT 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 190.37 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 CORT?
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 CORT snapshot
As of June 30, 2026, spot at $86.82, ATM IV 53.60%, IV rank 4.38%, expected move 15.37%. The iron condor on CORT 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 CORT specifically: CORT IV at 53.60% is on the cheap side of its 1-year range, which means a premium-selling CORT iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.37% (roughly $13.34 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 CORT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CORT should anchor to the underlying notional of $86.82 per share and to the trader's directional view on CORT stock.
CORT iron condor setup
The CORT 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 CORT near $86.82, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CORT 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 CORT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $90.00 | $3.15 |
| Buy 1 | Call | $95.00 | $1.85 |
| Sell 1 | Put | $82.50 | $2.00 |
| Buy 1 | Put | $77.50 | $0.85 |
CORT iron condor risk and reward
- Net Premium / Debit
- +$245.00
- Max Profit (per contract)
- $245.00
- Max Loss (per contract)
- -$255.00
- Breakeven(s)
- $80.05, $92.45
- Risk / Reward Ratio
- 0.961
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.
CORT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CORT. 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% | -$255.00 |
| $19.21 | -77.9% | -$255.00 |
| $38.40 | -55.8% | -$255.00 |
| $57.60 | -33.7% | -$255.00 |
| $76.79 | -11.6% | -$255.00 |
| $95.99 | +10.6% | -$255.00 |
| $115.18 | +32.7% | -$255.00 |
| $134.38 | +54.8% | -$255.00 |
| $153.57 | +76.9% | -$255.00 |
| $172.77 | +99.0% | -$255.00 |
When traders use iron condor on CORT
Iron condors on CORT are a delta-neutral premium-collection structure that profits if CORT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CORT thesis for this iron condor
The market-implied 1-standard-deviation range for CORT extends from approximately $73.48 on the downside to $100.16 on the upside. A CORT iron condor is a delta-neutral premium-collection structure that pays off when CORT 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 CORT IV rank near 4.38% 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 CORT at 53.60%. As a Healthcare name, CORT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CORT-specific events.
CORT 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. CORT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CORT alongside the broader basket even when CORT-specific fundamentals are unchanged. Short-premium structures like a iron condor on CORT carry tail risk when realized volatility exceeds the implied move; review historical CORT earnings reactions and macro stress periods before sizing. Always rebuild the position from current CORT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CORT?
- A iron condor on CORT is the iron condor strategy applied to CORT (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 CORT stock trading near $86.82, the strikes shown on this page are snapped to the nearest listed CORT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CORT 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 CORT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.60%), the computed maximum profit is $245.00 per contract and the computed maximum loss is -$255.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CORT iron condor?
- The breakeven for the CORT iron condor priced on this page is roughly $80.05 and $92.45 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 CORT market-implied 1-standard-deviation expected move is approximately 15.37%; 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 CORT?
- Iron condors on CORT are a delta-neutral premium-collection structure that profits if CORT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CORT implied volatility affect this iron condor?
- CORT ATM IV is at 53.60% with IV rank near 4.38%, 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.