IBRX Iron Condor Strategy
IBRX (ImmunityBio, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
ImmunityBio, Inc. is a clinical-stage biotechnology firm, founded in 2014 and based in San Diego, California. The company is focused on developing groundbreaking therapies and vaccines designed to treat a wide array of cancers and infectious diseases. Its innovative approach relies on a comprehensive suite of immunotherapy and cell therapy platforms. These advanced technologies include novel antibody-cytokine fusion proteins, synthetically engineered immunomodulators, cutting-edge vaccine technologies, natural killer (NK) cell therapies, and strategies that harness the adaptive (T-cell) immune system. ImmunityBio currently has several therapeutic candidates in advanced clinical development, with agents undergoing Phase II or III trials. These investigational treatments are aimed at various liquid and solid tumors, such as bladder, pancreatic, and lung cancers, as well as significant infectious pathogens including SARS-CoV-2 and HIV.
IBRX (ImmunityBio, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $8.11B, a beta of 0.13 versus the broader market, a 52-week range of 1.95-12.43, average daily share volume of 13.0M, a public-listing history dating back to 2015, approximately 688 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 0.13 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 iron condor on IBRX?
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.
IBRX snapshot
As of August 14, 2026, spot at $7.54, ATM IV 71.40%, IV rank 27.86%, expected move 20.47%. The iron condor on IBRX below is built from the August 14, 2026 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 iron condor structure on IBRX specifically: IBRX IV at 71.40% is on the cheap side of its 1-year range, which means a premium-selling IBRX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.47% (roughly $1.54 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 $7.54 per share and to the trader's directional view on IBRX stock.
IBRX iron condor setup
The IBRX iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With IBRX at $7.54 on that close, 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) |
|---|---|---|---|
| Sell 1 | Call | $8.00 | $0.49 |
| Buy 1 | Call | $8.50 | $0.33 |
| Sell 1 | Put | $7.00 | $0.33 |
| Buy 1 | Put | $7.00 | $0.33 |
IBRX iron condor risk and reward
- Net Premium / Debit
- +$16.00
- Max Profit (per contract)
- $16.00
- Max Loss (per contract)
- -$34.00
- Breakeven(s)
- $8.16
- Risk / Reward Ratio
- 0.471
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.
IBRX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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% | +$16.00 |
| $1.68 | -77.8% | +$16.00 |
| $3.34 | -55.7% | +$16.00 |
| $5.01 | -33.6% | +$16.00 |
| $6.67 | -11.5% | +$16.00 |
| $8.34 | +10.6% | -$18.02 |
| $10.01 | +32.7% | -$34.00 |
| $11.67 | +54.8% | -$34.00 |
| $13.34 | +76.9% | -$34.00 |
| $15.00 | +99.0% | -$34.00 |
When traders use iron condor on IBRX
Iron condors on IBRX are a delta-neutral premium-collection structure that profits if IBRX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
IBRX thesis for this iron condor
The market-implied 1-standard-deviation range for IBRX extends from approximately $6.00 on the downside to $9.08 on the upside. A IBRX iron condor is a delta-neutral premium-collection structure that pays off when IBRX 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 IBRX IV rank near 27.86% 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 IBRX at 71.40%. 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 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. 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. Short-premium structures like a iron condor on IBRX carry tail risk when realized volatility exceeds the implied move; review historical IBRX earnings reactions and macro stress periods before sizing. Always rebuild the position from current IBRX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on IBRX?
- A iron condor on IBRX is the iron condor strategy applied to IBRX (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 IBRX stock at $7.54 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed IBRX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are IBRX 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 IBRX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 71.40%), the computed maximum profit is $16.00 per contract and the computed maximum loss is -$34.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IBRX iron condor?
- The breakeven for the IBRX iron condor priced on this page is roughly $8.16 at expiration, derived from the August 14, 2026 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 IBRX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.47%; 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 IBRX?
- Iron condors on IBRX are a delta-neutral premium-collection structure that profits if IBRX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current IBRX implied volatility affect this iron condor?
- IBRX ATM IV is at 71.40% with IV rank near 27.86%, 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.