IMMX Iron Condor Strategy
IMMX (Immix Biopharma, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Immix Biopharma, Inc. is a clinical-stage biotechnology firm dedicated to creating a range of tissue-specific therapies. Operating in both the United States and Australia, their primary focus areas are oncology (cancer) and inflammatory diseases. Their product pipeline includes IMX-110, which is currently undergoing Phase 1b/2a clinical trials for the treatment of soft tissue sarcoma and various solid tumors. They are also developing IMX-111, a targeted biologic agent for colorectal cancers, and IMX-120, another tissue-specific biologic designed to address ulcerative colitis and severe Crohn's disease. In a strategic move, the company has forged a clinical collaboration and supply agreement with BeiGene Ltd. This partnership aims to conduct a Phase 1b combination clinical trial, evaluating IMX-110 in conjunction with BeiGene's anti-PD-1 drug, Tislelizumab, for solid tumor indications.
IMMX (Immix Biopharma, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $618.5M, a beta of 0.11 versus the broader market, a 52-week range of 1.94-12.14, average daily share volume of 1.5M, a public-listing history dating back to 2021, approximately 21 full-time employees. These structural characteristics shape how IMMX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.11 indicates IMMX 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 IMMX?
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.
IMMX snapshot
As of August 14, 2026, spot at $10.90, ATM IV 108.30%, IV rank 19.41%, expected move 31.05%. The iron condor on IMMX 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 IMMX specifically: IMMX IV at 108.30% is on the cheap side of its 1-year range, which means a premium-selling IMMX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 31.05% (roughly $3.38 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 IMMX expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMMX should anchor to the underlying notional of $10.90 per share and to the trader's directional view on IMMX stock.
IMMX iron condor setup
The IMMX 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 IMMX at $10.90 on that close, the first option leg uses a $11.45 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMMX 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 IMMX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $11.45 | N/A |
| Buy 1 | Call | $11.99 | N/A |
| Sell 1 | Put | $10.36 | N/A |
| Buy 1 | Put | $9.81 | N/A |
IMMX 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.
IMMX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on IMMX. 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 IMMX
Iron condors on IMMX are a delta-neutral premium-collection structure that profits if IMMX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
IMMX thesis for this iron condor
The market-implied 1-standard-deviation range for IMMX extends from approximately $7.52 on the downside to $14.28 on the upside. A IMMX iron condor is a delta-neutral premium-collection structure that pays off when IMMX 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 IMMX IV rank near 19.41% 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 IMMX at 108.30%. As a Healthcare name, IMMX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMMX-specific events.
IMMX 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. IMMX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMMX alongside the broader basket even when IMMX-specific fundamentals are unchanged. Short-premium structures like a iron condor on IMMX carry tail risk when realized volatility exceeds the implied move; review historical IMMX earnings reactions and macro stress periods before sizing. Always rebuild the position from current IMMX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on IMMX?
- A iron condor on IMMX is the iron condor strategy applied to IMMX (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 IMMX stock at $10.90 on the most recent close, the strikes shown on this page are snapped to the nearest listed IMMX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are IMMX 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 IMMX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 108.30%), 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 IMMX iron condor?
- The breakeven for the IMMX 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 IMMX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.05%; 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 IMMX?
- Iron condors on IMMX are a delta-neutral premium-collection structure that profits if IMMX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current IMMX implied volatility affect this iron condor?
- IMMX ATM IV is at 108.30% with IV rank near 19.41%, 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.