IMNM Covered Call 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 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 May 15, 2026, spot at $20.87, ATM IV 81.60%, IV rank 11.66%, expected move 23.39%. 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 63-day expiry.
Why this covered call structure on IMNM specifically: IMNM IV at 81.60% 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 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 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 $20.87, 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 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 100 shares | Stock | $20.87 | long |
| Sell 1 | Call | $22.00 | $3.00 |
IMNM covered call risk and reward
- Net Premium / Debit
- -$1,787.00
- Max Profit (per contract)
- $413.00
- Max Loss (per contract)
- -$1,786.00
- Breakeven(s)
- $17.87
- Risk / Reward Ratio
- 0.231
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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$1,786.00 |
| $4.62 | -77.8% | -$1,324.66 |
| $9.24 | -55.7% | -$863.33 |
| $13.85 | -33.6% | -$401.99 |
| $18.46 | -11.5% | +$59.35 |
| $23.08 | +10.6% | +$413.00 |
| $27.69 | +32.7% | +$413.00 |
| $32.30 | +54.8% | +$413.00 |
| $36.92 | +76.9% | +$413.00 |
| $41.53 | +99.0% | +$413.00 |
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 $15.99 on the downside to $25.75 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 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 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 $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 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 81.60%), the computed maximum profit is $413.00 per contract and the computed maximum loss is -$1,786.00 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 $17.87 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 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 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.