IMRX Collar 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 collar on IMRX?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
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 collar 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 collar structure on IMRX specifically: IV regime affects collar pricing on both sides; compressed IMRX IV at 113.50% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The IMRX collar 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 $5.43 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 100 shares | Stock | $5.17 | long |
| Sell 1 | Call | $5.43 | N/A |
| Buy 1 | Put | $4.91 | N/A |
IMRX collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
IMRX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on IMRX
Collars on IMRX hedge an existing long IMRX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
IMRX thesis for this collar
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 collar hedges an existing long IMRX position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current IMRX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on IMRX?
- A collar on IMRX is the collar strategy applied to IMRX (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the IMRX collar 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 collar?
- The breakeven for the IMRX collar 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 collar on IMRX?
- Collars on IMRX hedge an existing long IMRX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current IMRX implied volatility affect this collar?
- 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.