IBRX Bull Call Spread Strategy
IBRX (ImmunityBio, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
ImmunityBio, Inc., a clinical-stage biotechnology company, develops therapies and vaccines to treat cancers and infectious diseases. It offers immunotherapy and cell therapy platforms, including antibody cytokine fusion proteins, synthetic immunomodulators, vaccine technologies, natural killer cells, and adaptive (T cell) immune systems. The company also develops therapeutic agents, which are in Phase II or III clinical trial for the treatment of liquid and solid tumors, including bladder, pancreatic, and lung cancers, as well as pathogens as SARS-CoV-2 and HIV. It has collaboration agreements with National Cancer Institute, National Institute of Deafness and Communication Disorders, and Amyris, Inc.; and license agreements with CytRx Corporation, EnGeneIC Pty Limited, GlobeImmune, Inc., and Infectious Disease Research Institute, Sanford Health, Shenzhen Beike Biotechnology Co. Ltd., Sorrento Therapeutics, Inc., and Viracta Therapeutics, Inc. The company was founded in 2014 and is based in San Diego, California.
IBRX (ImmunityBio, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $8.54B, a beta of 0.07 versus the broader market, a 52-week range of 1.95-12.43, average daily share volume of 25.9M, a public-listing history dating back to 2015, approximately 671 full-time employees. These structural characteristics shape how IBRX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.07 indicates IBRX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a bull call spread on IBRX?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current IBRX snapshot
As of May 15, 2026, spot at $7.94, ATM IV 102.36%, IV rank 38.11%, expected move 29.35%. The bull call spread on IBRX 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 28-day expiry.
Why this bull call spread structure on IBRX specifically: IBRX IV at 102.36% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 29.35% (roughly $2.33 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IBRX expiries trade a higher absolute premium for lower per-day decay. Position sizing on IBRX should anchor to the underlying notional of $7.94 per share and to the trader's directional view on IBRX stock.
IBRX bull call spread setup
The IBRX bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With IBRX near $7.94, the first option leg uses a $8.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IBRX chain at a 28-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 IBRX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $8.00 | $0.85 |
| Sell 1 | Call | $8.50 | $0.75 |
IBRX bull call spread risk and reward
- Net Premium / Debit
- -$10.00
- Max Profit (per contract)
- $40.00
- Max Loss (per contract)
- -$10.00
- Breakeven(s)
- $8.10
- Risk / Reward Ratio
- 4.000
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
IBRX bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on IBRX. 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 | -99.9% | -$10.00 |
| $1.76 | -77.8% | -$10.00 |
| $3.52 | -55.7% | -$10.00 |
| $5.27 | -33.6% | -$10.00 |
| $7.03 | -11.5% | -$10.00 |
| $8.78 | +10.6% | +$40.00 |
| $10.54 | +32.7% | +$40.00 |
| $12.29 | +54.8% | +$40.00 |
| $14.05 | +76.9% | +$40.00 |
| $15.80 | +99.0% | +$40.00 |
When traders use bull call spread on IBRX
Bull call spreads on IBRX reduce the cost of a bullish IBRX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
IBRX thesis for this bull call spread
The market-implied 1-standard-deviation range for IBRX extends from approximately $5.61 on the downside to $10.27 on the upside. A IBRX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on IBRX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current IBRX IV rank near 38.11% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on IBRX should anchor more to the directional view and the expected-move geometry. As a Healthcare name, IBRX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IBRX-specific events.
IBRX bull call spread positions are structurally moderately bullish; 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. IBRX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IBRX alongside the broader basket even when IBRX-specific fundamentals are unchanged. Long-premium structures like a bull call spread on IBRX are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current IBRX chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on IBRX?
- A bull call spread on IBRX is the bull call spread strategy applied to IBRX (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With IBRX stock trading near $7.94, the strikes shown on this page are snapped to the nearest listed IBRX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IBRX bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the IBRX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 102.36%), the computed maximum profit is $40.00 per contract and the computed maximum loss is -$10.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IBRX bull call spread?
- The breakeven for the IBRX bull call spread priced on this page is roughly $8.10 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 IBRX market-implied 1-standard-deviation expected move is approximately 29.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on IBRX?
- Bull call spreads on IBRX reduce the cost of a bullish IBRX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current IBRX implied volatility affect this bull call spread?
- IBRX ATM IV is at 102.36% with IV rank near 38.11%, 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.