IMTX Collar Strategy
IMTX (Immatics N.V.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Immatics N.V., a clinical-stage biopharmaceutical company, focuses on the discovery and development of T cell receptor (TCR) based immunotherapies for the treatment of cancer in the United States. The company is developing targeted immunotherapies with a focus on treating solid tumors through two distinct treatment modalities, such as adoptive cell therapies (ACT) and antibody-like TCR Bispecifics. Its ACTengine product candidates are in Phase I clinical trials, which include IMA201 that targets melanoma-associated antigen 4 or 8 in patients with solid tumors; IMA202 that targets melanoma-associated antigen 1 in patients with various solid tumors, including squamous non-small cell lung carcinoma and hepatocellular carcinoma; and IMA203 that targets preferentially expressed antigen in melanoma in adult patients with relapsed and/or refractory solid tumors, as well as IMA204, which is in preclinical studies that targets tumor stroma cell. The company's TCR Bispecifics product candidates, which are in preclinical studies include IMA401, a cancer testis antigen for the treatment of solid tumors; and IMA402 for the treatment of solid tumors. It also develops IMA101 for the treatment of cancer; and IMA301, an allogenic cellular therapy product candidate. The company has a strategic collaboration agreement with GlaxoSmithKline Intellectual Property Development Limited to develop novel adoptive cell therapies targeting multiple cancer indications; MD Anderson Cancer Center to develop multiple T cell and TCR-based adoptive cellular therapies; Celgene Switzerland LLC to develop novel adoptive cell therapies targeting multiple cancers; and Genmab A/S to develop T cell engaging bispecific immunotherapies targeting multiple cancer indications.
IMTX (Immatics N.V.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.45B, a beta of 1.31 versus the broader market, a 52-week range of 4.478-12.41, average daily share volume of 461K, a public-listing history dating back to 2018, approximately 554 full-time employees. These structural characteristics shape how IMTX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.31 indicates IMTX 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 collar on IMTX?
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 IMTX snapshot
As of May 15, 2026, spot at $10.79, ATM IV 138.20%, IV rank 29.36%, expected move 39.62%. The collar on IMTX 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 IMTX specifically: IV regime affects collar pricing on both sides; compressed IMTX IV at 138.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 39.62% (roughly $4.28 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 IMTX expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMTX should anchor to the underlying notional of $10.79 per share and to the trader's directional view on IMTX stock.
IMTX collar setup
The IMTX 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 IMTX near $10.79, the first option leg uses a $11.33 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMTX 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 IMTX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $10.79 | long |
| Sell 1 | Call | $11.33 | N/A |
| Buy 1 | Put | $10.25 | N/A |
IMTX 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.
IMTX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on IMTX. 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 IMTX
Collars on IMTX hedge an existing long IMTX 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.
IMTX thesis for this collar
The market-implied 1-standard-deviation range for IMTX extends from approximately $6.51 on the downside to $15.07 on the upside. A IMTX collar hedges an existing long IMTX 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 IMTX IV rank near 29.36% 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 IMTX at 138.20%. As a Healthcare name, IMTX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMTX-specific events.
IMTX 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. IMTX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMTX alongside the broader basket even when IMTX-specific fundamentals are unchanged. Always rebuild the position from current IMTX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on IMTX?
- A collar on IMTX is the collar strategy applied to IMTX (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 IMTX stock trading near $10.79, the strikes shown on this page are snapped to the nearest listed IMTX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IMTX 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 IMTX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 138.20%), 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 IMTX collar?
- The breakeven for the IMTX 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 IMTX market-implied 1-standard-deviation expected move is approximately 39.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on IMTX?
- Collars on IMTX hedge an existing long IMTX 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 IMTX implied volatility affect this collar?
- IMTX ATM IV is at 138.20% with IV rank near 29.36%, 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.