IMNM Bear Put Spread Strategy
IMNM (Immunome, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Immunome, Inc., a biopharmaceutical company, discovers and develops antibody therapeutics for oncology and infectious disease. The company's lead oncology program includes IMM-ONC-01, which targets IL-38 tumor-derived immune checkpoint capable of promoting evasion of the immune system. It also develops IMM-BCP-01, an antibody cocktail product candidate for the treatment of SARS-CoV-2 infections and COVID-19. The company was incorporated in 2006 and is headquartered in Exton, Pennsylvania.
IMNM (Immunome, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.95B, a beta of 2.12 versus the broader market, a 52-week range of 7.62-27.65, average daily share volume of 1.1M, a public-listing history dating back to 2020, approximately 131 full-time employees. These structural characteristics shape how IMNM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.12 indicates IMNM 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 bear put spread on IMNM?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current IMNM snapshot
As of May 15, 2026, spot at $20.87, ATM IV 81.60%, IV rank 11.66%, expected move 23.39%. The bear put spread on IMNM 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 63-day expiry.
Why this bear put spread structure on IMNM specifically: IMNM IV at 81.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a IMNM bear put spread, with a market-implied 1-standard-deviation move of approximately 23.39% (roughly $4.88 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IMNM expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMNM should anchor to the underlying notional of $20.87 per share and to the trader's directional view on IMNM stock.
IMNM bear put spread setup
The IMNM bear put 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 IMNM near $20.87, the first option leg uses a $21.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMNM chain at a 63-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 IMNM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $21.00 | $2.65 |
| Sell 1 | Put | $20.00 | $2.28 |
IMNM bear put spread risk and reward
- Net Premium / Debit
- -$37.50
- Max Profit (per contract)
- $62.50
- Max Loss (per contract)
- -$37.50
- Breakeven(s)
- $20.63
- Risk / Reward Ratio
- 1.667
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
IMNM bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on IMNM. 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 | -100.0% | +$62.50 |
| $4.62 | -77.8% | +$62.50 |
| $9.24 | -55.7% | +$62.50 |
| $13.85 | -33.6% | +$62.50 |
| $18.46 | -11.5% | +$62.50 |
| $23.08 | +10.6% | -$37.50 |
| $27.69 | +32.7% | -$37.50 |
| $32.30 | +54.8% | -$37.50 |
| $36.92 | +76.9% | -$37.50 |
| $41.53 | +99.0% | -$37.50 |
When traders use bear put spread on IMNM
Bear put spreads on IMNM reduce the cost of a bearish IMNM stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
IMNM thesis for this bear put spread
The market-implied 1-standard-deviation range for IMNM extends from approximately $15.99 on the downside to $25.75 on the upside. A IMNM bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on IMNM, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current IMNM IV rank near 11.66% 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 IMNM at 81.60%. As a Healthcare name, IMNM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMNM-specific events.
IMNM bear put spread positions are structurally moderately bearish; 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. IMNM positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMNM alongside the broader basket even when IMNM-specific fundamentals are unchanged. Long-premium structures like a bear put spread on IMNM 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 IMNM chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on IMNM?
- A bear put spread on IMNM is the bear put spread strategy applied to IMNM (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With IMNM stock trading near $20.87, the strikes shown on this page are snapped to the nearest listed IMNM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IMNM bear put 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-put strike minus net debit. For the IMNM bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 81.60%), the computed maximum profit is $62.50 per contract and the computed maximum loss is -$37.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IMNM bear put spread?
- The breakeven for the IMNM bear put spread priced on this page is roughly $20.63 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 IMNM market-implied 1-standard-deviation expected move is approximately 23.39%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on IMNM?
- Bear put spreads on IMNM reduce the cost of a bearish IMNM stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current IMNM implied volatility affect this bear put spread?
- IMNM ATM IV is at 81.60% with IV rank near 11.66%, 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.