IMNM Long 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 long call on IMNM?
A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.
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 long 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 long call 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 long call, 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 long call setup
The IMNM long 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 $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 | Call | $21.00 | $2.78 |
IMNM long call risk and reward
- Net Premium / Debit
- -$277.50
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$277.50
- Breakeven(s)
- $23.78
- Risk / Reward Ratio
- Unbounded
Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
IMNM long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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% | -$277.50 |
| $4.62 | -77.8% | -$277.50 |
| $9.24 | -55.7% | -$277.50 |
| $13.85 | -33.6% | -$277.50 |
| $18.46 | -11.5% | -$277.50 |
| $23.08 | +10.6% | -$69.82 |
| $27.69 | +32.7% | +$391.52 |
| $32.30 | +54.8% | +$852.86 |
| $36.92 | +76.9% | +$1,314.19 |
| $41.53 | +99.0% | +$1,775.53 |
When traders use long call on IMNM
Long calls on IMNM express a bullish thesis with defined risk; traders use them ahead of IMNM catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
IMNM thesis for this long 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 long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. 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 long call positions are structurally 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. Long-premium structures like a long call 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 long call on IMNM?
- A long call on IMNM is the long call strategy applied to IMNM (stock). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. 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 long call max profit and max loss calculated?
- Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the IMNM long call priced from the end-of-day chain at a 30-day expiry (ATM IV 81.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$277.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IMNM long call?
- The breakeven for the IMNM long call priced on this page is roughly $23.78 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 long call on IMNM?
- Long calls on IMNM express a bullish thesis with defined risk; traders use them ahead of IMNM catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current IMNM implied volatility affect this long 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.