IMNM Strangle 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 strangle on IMNM?
A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money.
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 strangle 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 strangle 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 strangle, 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 strangle setup
The IMNM strangle 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 1 | Call | $22.00 | $3.00 |
| Buy 1 | Put | $20.00 | $2.28 |
IMNM strangle risk and reward
- Net Premium / Debit
- -$527.50
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$527.50
- Breakeven(s)
- $14.73, $27.28
- Risk / Reward Ratio
- Unbounded
Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit.
IMNM strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle 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% | +$1,471.50 |
| $4.62 | -77.8% | +$1,010.16 |
| $9.24 | -55.7% | +$548.83 |
| $13.85 | -33.6% | +$87.49 |
| $18.46 | -11.5% | -$373.85 |
| $23.08 | +10.6% | -$419.82 |
| $27.69 | +32.7% | +$41.52 |
| $32.30 | +54.8% | +$502.86 |
| $36.92 | +76.9% | +$964.19 |
| $41.53 | +99.0% | +$1,425.53 |
When traders use strangle on IMNM
Strangles on IMNM are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the IMNM chain.
IMNM thesis for this strangle
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 strangle is the OTM cousin of the straddle: lower up-front cost but the underlying has to travel further past either OTM strike before the position turns profitable at expiration. 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 strangle positions are structurally neutral / high-volatility (long premium, OTM); 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. Always rebuild the position from current IMNM chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on IMNM?
- A strangle on IMNM is the strangle strategy applied to IMNM (stock). The strategy is structurally neutral / high-volatility (long premium, OTM): A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money. 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 strangle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit. For the IMNM strangle 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 -$527.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IMNM strangle?
- The breakeven for the IMNM strangle priced on this page is roughly $14.73 and $27.28 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 strangle on IMNM?
- Strangles on IMNM are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the IMNM chain.
- How does current IMNM implied volatility affect this strangle?
- 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.