IMRX Bull Call Spread Strategy
IMRX (Immuneering Corporation), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Immuneering Corporation, a biopharmaceutical company, focuses on the oncology and neuroscience product candidates. Its lead product candidates include IMM-1-104, a dual-MEK inhibitor to treat patients with cancer, including pancreatic, melanoma, colorectal, and non-small cell lung cancer caused by mutations of RAS and/or RAF; and IMM-6-415 to treat solid tumors. The company also has five oncology programs in the discovery stage that are designed to target components of the MAPK or mTOR pathway; and two discovery stage neuroscience programs. Immuneering Corporation was incorporated in 2008 and is based in Cambridge, Massachusetts. Immuneering Corporation was a former subsidiary of Teva Pharmaceutical Industries Limited.
IMRX (Immuneering Corporation) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $195.3M, a beta of 0.36 versus the broader market, a 52-week range of 1.24-10.08, average daily share volume of 868K, a public-listing history dating back to 2021, approximately 54 full-time employees. These structural characteristics shape how IMRX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.36 indicates IMRX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a bull call spread on IMRX?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current IMRX snapshot
As of May 15, 2026, spot at $5.17, ATM IV 113.50%, IV rank 22.35%, expected move 32.54%. The bull call spread on IMRX 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 34-day expiry.
Why this bull call spread structure on IMRX specifically: IMRX IV at 113.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a IMRX bull call spread, with a market-implied 1-standard-deviation move of approximately 32.54% (roughly $1.68 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IMRX expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMRX should anchor to the underlying notional of $5.17 per share and to the trader's directional view on IMRX stock.
IMRX bull call spread setup
The IMRX bull call 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 IMRX near $5.17, the first option leg uses a $5.17 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMRX chain at a 34-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 IMRX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $5.17 | N/A |
| Sell 1 | Call | $5.43 | N/A |
IMRX bull call spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
IMRX bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on IMRX. 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.
When traders use bull call spread on IMRX
Bull call spreads on IMRX reduce the cost of a bullish IMRX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
IMRX thesis for this bull call spread
The market-implied 1-standard-deviation range for IMRX extends from approximately $3.49 on the downside to $6.85 on the upside. A IMRX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on IMRX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current IMRX IV rank near 22.35% 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 IMRX at 113.50%. As a Healthcare name, IMRX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMRX-specific events.
IMRX bull call spread positions are structurally moderately 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. IMRX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMRX alongside the broader basket even when IMRX-specific fundamentals are unchanged. Long-premium structures like a bull call spread on IMRX 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 IMRX chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on IMRX?
- A bull call spread on IMRX is the bull call spread strategy applied to IMRX (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With IMRX stock trading near $5.17, the strikes shown on this page are snapped to the nearest listed IMRX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IMRX bull call 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-call strike plus net debit. For the IMRX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 113.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IMRX bull call spread?
- The breakeven for the IMRX bull call spread priced on this page is no defined breakeven on the modeled curve 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 IMRX market-implied 1-standard-deviation expected move is approximately 32.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on IMRX?
- Bull call spreads on IMRX reduce the cost of a bullish IMRX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current IMRX implied volatility affect this bull call spread?
- IMRX ATM IV is at 113.50% with IV rank near 22.35%, 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.