How are IMNM covered call max profit and max loss calculated?

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the IMNM covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 76.70%), the computed maximum profit is $167.50 per contract and the computed maximum loss is -$2,031.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a IMNM covered call?

The breakeven for the IMNM covered call priced on this page is roughly $20.33 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 21.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current IMNM implied volatility affect this covered call?

IMNM ATM IV is at 76.70% with IV rank near 9.94%, 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.

IMNM Covered Call Strategy

IMNM (Immunome, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Immunome, Inc., a biotechnology company, engages in the discovery, design, development, manufacturing, and commercialization of antibody-drug conjugates and other oncology therapeutics in the United States. The company develops clinical asset comprising Varegacestat, a gamma secretase inhibitor that is in Phase 3 clinical trial for the treatment of desmoid tumors; and IM-1021, a receptor tyrosine kinase-like orphan receptor 1 antibody-drug conjugate (ADC), which is in Phase 1 clinical trial. It is also developing preclinical assets, including IM-3050, a fibroblast activation protein targeted radioligand therapy; and solid tumor ADC drug candidates, such as IM-1617, IM-1340, and IM-1335. Immunome, Inc. was incorporated in 2006 and is based in Bothell, Washington.

IMNM (Immunome, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.91B, a beta of 2.07 versus the broader market, a 52-week range of 7.96-27.65, average daily share volume of 1.3M, a public-listing history dating back to 2020, approximately 177 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 2.07 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 covered call on IMNM?

A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.

Current IMNM snapshot

As of June 30, 2026, spot at $21.20, ATM IV 76.70%, IV rank 9.94%, expected move 21.99%. The covered call 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 17-day expiry.

Why this covered call structure on IMNM specifically: IMNM IV at 76.70% is on the cheap side of its 1-year range, which means a premium-selling IMNM covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.99% (roughly $4.66 on the underlying). The 17-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 $21.20 per share and to the trader's directional view on IMNM stock.

IMNM covered call setup

The IMNM covered call 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 $21.20, the first option leg uses a $22.00 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 17-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 100 shares	Stock	$21.20	long
Sell 1	Call	$22.00	$0.88

IMNM covered call risk and reward

Net Premium / Debit: -$2,032.50
Max Profit (per contract): $167.50
Max Loss (per contract): -$2,031.50
Breakeven(s): $20.33
Risk / Reward Ratio: 0.082

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.

IMNM covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$2,031.50
$4.70	-77.8%	-$1,562.87
$9.38	-55.7%	-$1,094.23
$14.07	-33.6%	-$625.60
$18.76	-11.5%	-$156.97
$23.44	+10.6%	+$167.50
$28.13	+32.7%	+$167.50
$32.81	+54.8%	+$167.50
$37.50	+76.9%	+$167.50
$42.19	+99.0%	+$167.50

When traders use covered call on IMNM

Covered calls on IMNM are an income strategy run on existing IMNM stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.

IMNM thesis for this covered call

The market-implied 1-standard-deviation range for IMNM extends from approximately $16.54 on the downside to $25.86 on the upside. A IMNM covered call collects premium on an existing long IMNM position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether IMNM will breach that level within the expiration window. Current IMNM IV rank near 9.94% 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 76.70%. 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 covered call positions are structurally neutral to slightly 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. 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. Short-premium structures like a covered call on IMNM carry tail risk when realized volatility exceeds the implied move; review historical IMNM earnings reactions and macro stress periods before sizing. Always rebuild the position from current IMNM chain quotes before placing a trade.

Frequently asked questions

What is a covered call on IMNM?: A covered call on IMNM is the covered call strategy applied to IMNM (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With IMNM stock trading near $21.20, 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 covered call max profit and max loss calculated?: Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the IMNM covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 76.70%), the computed maximum profit is $167.50 per contract and the computed maximum loss is -$2,031.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a IMNM covered call?: The breakeven for the IMNM covered call priced on this page is roughly $20.33 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 21.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a covered call on IMNM?: Covered calls on IMNM are an income strategy run on existing IMNM stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
How does current IMNM implied volatility affect this covered call?: IMNM ATM IV is at 76.70% with IV rank near 9.94%, 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.