IMTX Long Call 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 long call on IMTX?
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 IMTX snapshot
As of May 15, 2026, spot at $10.79, ATM IV 138.20%, IV rank 29.36%, expected move 39.62%. The long call 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 long call structure on IMTX specifically: IMTX IV at 138.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a IMTX long call, 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 long call setup
The IMTX 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 IMTX near $10.79, the first option leg uses a $10.79 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 1 | Call | $10.79 | N/A |
IMTX long call 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 is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
IMTX long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long call 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 long call on IMTX
Long calls on IMTX express a bullish thesis with defined risk; traders use them ahead of IMTX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
IMTX thesis for this long call
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 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 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 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. 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. Long-premium structures like a long call on IMTX 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 IMTX chain quotes before placing a trade.
Frequently asked questions
- What is a long call on IMTX?
- A long call on IMTX is the long call strategy applied to IMTX (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 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 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 IMTX long call 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 long call?
- The breakeven for the IMTX long call 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 long call on IMTX?
- Long calls on IMTX express a bullish thesis with defined risk; traders use them ahead of IMTX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current IMTX implied volatility affect this long call?
- 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.