GYRE Iron Condor Strategy
GYRE (Gyre Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Gyre Therapeutics, Inc. is a pharmaceutical company dedicated to discovering, advancing, and bringing to market small-molecule drugs that target inflammation and fibrosis in various organs. The company's key anti-fibrotic medication, ETUARY (Pirfenidone), has received approval for treating idiopathic pulmonary fibrosis. Beyond this, ETUARY is also undergoing late-stage (Phase 3) clinical trials for several other conditions, including dermatomyositis and interstitial lung disease linked to systemic sclerosis, pneumoconiosis, and diabetic kidney disease. The company's pipeline further includes F351 (Hydronidone), a compound structurally related to ETUARY. F351 is currently in Phase 3 studies for chronic hepatitis B-induced liver fibrosis and is in Phase 1 trials for liver fibrosis associated with nonalcoholic associated steatohepatitis (NASH). Other programs in development feature F573, which is progressing through Phase 2 studies for acute and acute-on-chronic liver failure.
GYRE (Gyre Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $574.8M, a beta of 4.92 versus the broader market, a 52-week range of 5.44-9.42, average daily share volume of 81K, a public-listing history dating back to 2006, approximately 579 full-time employees. These structural characteristics shape how GYRE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.92 indicates GYRE 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 GYRE?
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 GYRE snapshot
As of June 29, 2026, spot at $6.44, ATM IV 254.30%, IV rank 49.62%, expected move 72.91%. The iron condor on GYRE 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 18-day expiry.
Why this iron condor structure on GYRE specifically: GYRE IV at 254.30% is mid-range versus its 1-year history, so the credit collected on a GYRE iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 72.91% (roughly $4.70 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GYRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on GYRE should anchor to the underlying notional of $6.44 per share and to the trader's directional view on GYRE stock.
GYRE iron condor setup
The GYRE 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 GYRE near $6.44, the first option leg uses a $6.76 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GYRE chain at a 18-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 GYRE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $6.76 | N/A |
| Buy 1 | Call | $7.08 | N/A |
| Sell 1 | Put | $6.12 | N/A |
| Buy 1 | Put | $5.80 | N/A |
GYRE 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.
GYRE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on GYRE. 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 GYRE
Iron condors on GYRE are a delta-neutral premium-collection structure that profits if GYRE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
GYRE thesis for this iron condor
The market-implied 1-standard-deviation range for GYRE extends from approximately $1.74 on the downside to $11.14 on the upside. A GYRE iron condor is a delta-neutral premium-collection structure that pays off when GYRE 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 GYRE IV rank near 49.62% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on GYRE should anchor more to the directional view and the expected-move geometry. As a Healthcare name, GYRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GYRE-specific events.
GYRE 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. GYRE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GYRE alongside the broader basket even when GYRE-specific fundamentals are unchanged. Short-premium structures like a iron condor on GYRE carry tail risk when realized volatility exceeds the implied move; review historical GYRE earnings reactions and macro stress periods before sizing. Always rebuild the position from current GYRE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on GYRE?
- A iron condor on GYRE is the iron condor strategy applied to GYRE (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 GYRE stock trading near $6.44, the strikes shown on this page are snapped to the nearest listed GYRE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GYRE 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 GYRE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 254.30%), 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 GYRE iron condor?
- The breakeven for the GYRE 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 GYRE market-implied 1-standard-deviation expected move is approximately 72.91%; 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 GYRE?
- Iron condors on GYRE are a delta-neutral premium-collection structure that profits if GYRE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current GYRE implied volatility affect this iron condor?
- GYRE ATM IV is at 254.30% with IV rank near 49.62%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.