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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 111.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$273.26 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 roughly $6.23 and $11.77 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The IMTX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current IMTX implied volatility affect this straddle?

IMTX ATM IV is at 111.50% with IV rank near 15.91%, 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.

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 $1.30B, a beta of 1.32 versus the broader market, a 52-week range of 5.05-12.41, average daily share volume of 445K, a public-listing history dating back to 2018, approximately 678 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 1.32 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.

IMTX snapshot

As of August 14, 2026, spot at $9.46, ATM IV 111.50%, IV rank 15.91%, expected move 31.97%. The straddle on IMTX below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.

Why this straddle structure on IMTX specifically: IMTX IV at 111.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a IMTX straddle, with a market-implied 1-standard-deviation move of approximately 31.97% (roughly $3.02 on the underlying). The 7-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 $9.46 per share and to the trader's directional view on IMTX stock.

IMTX straddle setup

The IMTX straddle below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With IMTX at $9.46 on that close, the first option leg uses a $9.00 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 7-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	$9.00	$1.62
Buy 1	Put	$9.00	$1.15

IMTX straddle risk and reward

Net Premium / Debit: -$277.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$273.26
Breakeven(s): $6.23, $11.77
Risk / Reward Ratio: Unbounded

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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	+$622.00
$2.10	-77.8%	+$412.94
$4.19	-55.7%	+$203.89
$6.28	-33.6%	-$5.17
$8.37	-11.5%	-$214.22
$10.46	+10.6%	-$130.72
$12.55	+32.7%	+$78.33
$14.64	+54.8%	+$287.39
$16.73	+76.9%	+$496.44
$18.82	+99.0%	+$705.50

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 $6.44 on the downside to $12.48 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 15.91% 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 111.50%. 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 at $9.46 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed IMTX chain strike and the premiums come straight from that session's 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 111.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$273.26 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 roughly $6.23 and $11.77 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The IMTX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.97%; 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 111.50% with IV rank near 15.91%, 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.