IMTX Long Put Strategy
IMTX (Immatics N.V.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Immatics N.V. is a clinical-stage biopharmaceutical firm dedicated to discovering and advancing T-cell receptor (TCR) based immunotherapies aimed at combating cancer, primarily within the United States. Its therapeutic strategy centers on targeted immunotherapies for solid tumors, utilizing two distinct approaches: adoptive cell therapies (ACT) and antibody-like TCR Bispecifics. The company's ACTengine™ portfolio features several candidates in Phase I clinical trials. These include IMA201, designed to recognize melanoma-associated antigens 4 or 8 in solid tumor patients; IMA202, which targets melanoma-associated antigen 1 across various solid tumor types, such as squamous non-small cell lung carcinoma and hepatocellular carcinoma; and IMA203, aimed at preferentially expressed antigen in melanoma in adult patients with recurrent or treatment-resistant solid tumors. Additionally, IMA204, currently in preclinical stages, focuses on targeting tumor stroma cells. In its preclinical TCR Bispecifics pipeline, Immatics is advancing IMA401, which targets cancer testis antigens for solid tumor indications, and IMA402, also under investigation for solid tumor therapies.
IMTX (Immatics N.V.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.28B, a beta of 1.30 versus the broader market, a 52-week range of 5.05-12.41, average daily share volume of 453K, 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 1.30 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 put on IMTX?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current IMTX snapshot
As of June 29, 2026, spot at $9.59, ATM IV 80.40%, IV rank 12.96%, expected move 23.05%. The long put 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 18-day expiry.
Why this long put structure on IMTX specifically: IMTX IV at 80.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a IMTX long put, with a market-implied 1-standard-deviation move of approximately 23.05% (roughly $2.21 on the underlying). The 18-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 $9.59 per share and to the trader's directional view on IMTX stock.
IMTX long put setup
The IMTX long put 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 $9.59, the first option leg uses a $9.59 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 18-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 | Put | $9.59 | N/A |
IMTX long put 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
IMTX long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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 put on IMTX
Long puts on IMTX hedge an existing long IMTX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying IMTX exposure being hedged.
IMTX thesis for this long put
The market-implied 1-standard-deviation range for IMTX extends from approximately $7.38 on the downside to $11.80 on the upside. A IMTX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long IMTX position with one put per 100 shares held. Current IMTX IV rank near 12.96% 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 80.40%. 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 put positions are structurally bearish; 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 put 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 put on IMTX?
- A long put on IMTX is the long put strategy applied to IMTX (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With IMTX stock trading near $9.59, 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 put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the IMTX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 80.40%), 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 put?
- The breakeven for the IMTX long put 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 23.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on IMTX?
- Long puts on IMTX hedge an existing long IMTX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying IMTX exposure being hedged.
- How does current IMTX implied volatility affect this long put?
- IMTX ATM IV is at 80.40% with IV rank near 12.96%, 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.