CUE Iron Condor Strategy
CUE (Cue Biopharma, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Cue Biopharma, Inc., a clinical-stage biopharmaceutical company, develops biologic drugs for the selective modulation of the human immune system to treat a range of cancers, chronic infectious diseases, and autoimmune disorders. Its lead drug candidate is CUE-101, a fusion protein biologic that is in Phase 1b clinical trial designed to target and activate antigen-specific T cells for human papilloma virus-driven cancers. The company offers CUE-102, a fusion protein biologic to target and activate antigen-specific T cells to fight cancers; CUE-103 a CUE-100 series Immuno-STAT targeting the KRAS G12V mutation, including colorectal carcinoma, lung cancer, and pancreatic cancer; CUE-200 that focuses on cell surface receptors, including CD80 and/or 4-1BBL to address T cell exhaustion associated with chronic infections; and CUE-300 and CUE-400 framework to target various autoimmune diseases. Cue Biopharma, Inc. has collaboration agreements with Merck Sharp & Dohme Corp. for the research and development of its proprietary biologics that target various autoimmune disease indications; LG Chem Life Sciences for the development of Immuno-STATs focused on the field of oncology; and Albert Einstein College of Medicine. The company was formerly known as Imagen Biopharma, Inc. and changed its name to Cue Biopharma, Inc. in October 2016. Cue Biopharma, Inc. was incorporated in 2014 and is headquartered in Cambridge, Massachusetts.
CUE (Cue Biopharma, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $77.4M, a beta of 2.39 versus the broader market, a 52-week range of 4.98-41.42, average daily share volume of 758K, a public-listing history dating back to 2018, approximately 41 full-time employees. These structural characteristics shape how CUE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.39 indicates CUE 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 iron condor on CUE?
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 CUE snapshot
As of May 15, 2026, spot at $25.05, ATM IV 43.80%, IV rank 10.60%, expected move 12.56%. The iron condor on CUE 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 CUE specifically: CUE IV at 43.80% is on the cheap side of its 1-year range, which means a premium-selling CUE iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.56% (roughly $3.15 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 CUE expiries trade a higher absolute premium for lower per-day decay. Position sizing on CUE should anchor to the underlying notional of $25.05 per share and to the trader's directional view on CUE stock.
CUE iron condor setup
The CUE 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 CUE near $25.05, the first option leg uses a $26.30 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CUE 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 CUE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $26.30 | N/A |
| Buy 1 | Call | $27.56 | N/A |
| Sell 1 | Put | $23.80 | N/A |
| Buy 1 | Put | $22.55 | N/A |
CUE 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.
CUE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CUE. 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 CUE
Iron condors on CUE are a delta-neutral premium-collection structure that profits if CUE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CUE thesis for this iron condor
The market-implied 1-standard-deviation range for CUE extends from approximately $21.90 on the downside to $28.20 on the upside. A CUE iron condor is a delta-neutral premium-collection structure that pays off when CUE 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 CUE IV rank near 10.60% 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 CUE at 43.80%. As a Healthcare name, CUE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CUE-specific events.
CUE 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. CUE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CUE alongside the broader basket even when CUE-specific fundamentals are unchanged. Short-premium structures like a iron condor on CUE carry tail risk when realized volatility exceeds the implied move; review historical CUE earnings reactions and macro stress periods before sizing. Always rebuild the position from current CUE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CUE?
- A iron condor on CUE is the iron condor strategy applied to CUE (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 CUE stock trading near $25.05, the strikes shown on this page are snapped to the nearest listed CUE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CUE 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 CUE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 43.80%), 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 CUE iron condor?
- The breakeven for the CUE 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 CUE market-implied 1-standard-deviation expected move is approximately 12.56%; 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 CUE?
- Iron condors on CUE are a delta-neutral premium-collection structure that profits if CUE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CUE implied volatility affect this iron condor?
- CUE ATM IV is at 43.80% with IV rank near 10.60%, 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.