ENTA Iron Condor Strategy
ENTA (Enanta Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Enanta Pharmaceuticals, Inc. is a biotechnology firm dedicated to discovering and advancing small molecule therapies designed to combat a range of viral infections and various liver conditions. Its research and development efforts are primarily focused on addressing pathogens such as respiratory syncytial virus (RSV), SARS-CoV-2, human metapneumovirus (hMPV), and the hepatitis B virus (HBV). The company also holds a strategic partnership and licensing agreement with Abbott Laboratories. This collaboration involves the joint identification, development, and market introduction of specific HCV NS3 and NS3/4A protease inhibitor compounds, including known agents like paritaprevir and glecaprevir, which are utilized in the management of chronic hepatitis C virus. Founded in 1995, Enanta Pharmaceuticals, Inc. operates from its principal office located in Watertown, Massachusetts.
ENTA (Enanta Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $392.6M, a beta of 0.93 versus the broader market, a 52-week range of 7.05-17.15, average daily share volume of 191K, a public-listing history dating back to 2013, approximately 120 full-time employees. These structural characteristics shape how ENTA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.93 places ENTA 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 ENTA?
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.
ENTA snapshot
As of August 14, 2026, spot at $13.15, ATM IV 73.50%, IV rank 14.82%, expected move 21.07%. The iron condor on ENTA 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 ENTA specifically: ENTA IV at 73.50% is on the cheap side of its 1-year range, which means a premium-selling ENTA iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.07% (roughly $2.77 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 ENTA expiries trade a higher absolute premium for lower per-day decay. Position sizing on ENTA should anchor to the underlying notional of $13.15 per share and to the trader's directional view on ENTA stock.
ENTA iron condor setup
The ENTA 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 ENTA at $13.15 on that close, the first option leg uses a $13.81 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ENTA 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 ENTA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $13.81 | N/A |
| Buy 1 | Call | $14.47 | N/A |
| Sell 1 | Put | $12.49 | N/A |
| Buy 1 | Put | $11.84 | N/A |
ENTA 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.
ENTA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ENTA. 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 ENTA
Iron condors on ENTA are a delta-neutral premium-collection structure that profits if ENTA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ENTA thesis for this iron condor
The market-implied 1-standard-deviation range for ENTA extends from approximately $10.38 on the downside to $15.92 on the upside. A ENTA iron condor is a delta-neutral premium-collection structure that pays off when ENTA 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 ENTA IV rank near 14.82% 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 ENTA at 73.50%. As a Healthcare name, ENTA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ENTA-specific events.
ENTA 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. ENTA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ENTA alongside the broader basket even when ENTA-specific fundamentals are unchanged. Short-premium structures like a iron condor on ENTA carry tail risk when realized volatility exceeds the implied move; review historical ENTA earnings reactions and macro stress periods before sizing. Always rebuild the position from current ENTA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ENTA?
- A iron condor on ENTA is the iron condor strategy applied to ENTA (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 ENTA stock at $13.15 on the most recent close, the strikes shown on this page are snapped to the nearest listed ENTA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ENTA 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 ENTA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 73.50%), 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 ENTA iron condor?
- The breakeven for the ENTA 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 ENTA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.07%; 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 ENTA?
- Iron condors on ENTA are a delta-neutral premium-collection structure that profits if ENTA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ENTA implied volatility affect this iron condor?
- ENTA ATM IV is at 73.50% with IV rank near 14.82%, 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.