CTMX Collar Strategy
CTMX (CytomX Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
CytomX Therapeutics, Inc. operates as an oncology-focused biopharmaceutical company in the United States. The company develops antibody therapeutics based on its Probody technology platform for the treatment of cancer. The company's product candidates include CX-2009, an antibody drug conjugates (ADC) against CD166, which is in Phase II clinical trials for the treatment of breast cancer; CX-2029 that is in Phase II clinical trials for the treatment of squamous non-small cell lung cancer, head and neck squamous cell carcinoma, esophageal and gastro-esophageal junction cancers, and diffuse large B-cell lymphoma; BMS-986249, a CTLA-4 Probody therapeutic drug, which is in Phase I/II clinical trials for the treatment of metastatic melanoma; and BMS-986288, an anti-CTLA-4 Probody drug, which is in Phase I clinical trials for the treatment of solid tumors. It also develops CX-2043, a conditionally activated ADC targeting the epithelial cell adhesion molecule, as well as CX-904, a conditionally activated epidermal growth factor receptor for the treatment of solid tumor. The company has strategic collaborations with AbbVie Ireland Unlimited Company, Amgen, Inc., Bristol-Myers Squibb Company, ImmunoGen, Inc., Pfizer Inc., and Astellas Pharma Inc. to develop Probody therapeutics. CytomX Therapeutics, Inc. was founded in 2008 and is headquartered in South San Francisco, California.
CTMX (CytomX Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $609.5M, a beta of 2.17 versus the broader market, a 52-week range of 1.72-8.21, average daily share volume of 6.9M, a public-listing history dating back to 2015, approximately 119 full-time employees. These structural characteristics shape how CTMX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.17 indicates CTMX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on CTMX?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current CTMX snapshot
As of May 15, 2026, spot at $3.63, ATM IV 66.10%, IV rank 13.21%, expected move 18.95%. The collar on CTMX 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 collar structure on CTMX specifically: IV regime affects collar pricing on both sides; compressed CTMX IV at 66.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 18.95% (roughly $0.69 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 CTMX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CTMX should anchor to the underlying notional of $3.63 per share and to the trader's directional view on CTMX stock.
CTMX collar setup
The CTMX collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CTMX near $3.63, the first option leg uses a $3.81 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CTMX 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 CTMX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $3.63 | long |
| Sell 1 | Call | $3.81 | N/A |
| Buy 1 | Put | $3.45 | N/A |
CTMX collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
CTMX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CTMX. 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 collar on CTMX
Collars on CTMX hedge an existing long CTMX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
CTMX thesis for this collar
The market-implied 1-standard-deviation range for CTMX extends from approximately $2.94 on the downside to $4.32 on the upside. A CTMX collar hedges an existing long CTMX position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current CTMX IV rank near 13.21% 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 CTMX at 66.10%. As a Healthcare name, CTMX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CTMX-specific events.
CTMX collar positions are structurally neutral (protective); 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. CTMX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CTMX alongside the broader basket even when CTMX-specific fundamentals are unchanged. Always rebuild the position from current CTMX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CTMX?
- A collar on CTMX is the collar strategy applied to CTMX (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With CTMX stock trading near $3.63, the strikes shown on this page are snapped to the nearest listed CTMX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CTMX collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the CTMX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 66.10%), 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 CTMX collar?
- The breakeven for the CTMX collar 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 CTMX market-implied 1-standard-deviation expected move is approximately 18.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CTMX?
- Collars on CTMX hedge an existing long CTMX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current CTMX implied volatility affect this collar?
- CTMX ATM IV is at 66.10% with IV rank near 13.21%, 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.