IMTX Straddle 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 straddle on IMTX?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
Current IMTX snapshot
As of June 30, 2026, spot at $10.14, ATM IV 157.00%, IV rank 34.69%, expected move 45.01%. The straddle 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 17-day expiry.
Why this straddle structure on IMTX specifically: IMTX IV at 157.00% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 45.01% (roughly $4.56 on the underlying). The 17-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 $10.14 per share and to the trader's directional view on IMTX stock.
IMTX straddle setup
The IMTX straddle 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 $10.14, the first option leg uses a $10.14 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 17-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 | $10.14 | N/A |
| Buy 1 | Put | $10.14 | N/A |
IMTX straddle 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
Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
IMTX straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle 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 straddle on IMTX
Straddles on IMTX are pure-volatility plays that profit from large moves in either direction; traders typically buy IMTX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
IMTX thesis for this straddle
The market-implied 1-standard-deviation range for IMTX extends from approximately $5.58 on the downside to $14.70 on the upside. A IMTX long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. Current IMTX IV rank near 34.69% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on IMTX should anchor more to the directional view and the expected-move geometry. 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 straddle positions are structurally neutral / high-volatility (long premium); 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 straddle on IMTX?
- A straddle on IMTX is the straddle strategy applied to IMTX (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With IMTX stock trading near $10.14, 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 straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the IMTX straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 157.00%), 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 straddle?
- The breakeven for the IMTX straddle 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 45.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on IMTX?
- Straddles on IMTX are pure-volatility plays that profit from large moves in either direction; traders typically buy IMTX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current IMTX implied volatility affect this straddle?
- IMTX ATM IV is at 157.00% with IV rank near 34.69%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.