IMUX Iron Condor Strategy
IMUX (Immunic, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Immunic, Inc. is a biopharmaceutical firm currently in the clinical development phase, dedicated to pioneering selective oral immunotherapies for a range of chronic inflammatory and autoimmune conditions. Its primary investigational compound, IMU-838, has advanced to Phase 2 clinical trials, targeting relapsing-remitting multiple sclerosis (RRMS), inflammatory bowel disease (IBD), various other chronic inflammatory and autoimmune disorders, and also coronavirus disease. Additionally, the company is advancing IMU-935, which functions as an inverse agonist of RORγt, and IMU-856, designed to restore the intestinal barrier for patients afflicted with conditions like inflammatory bowel disease, irritable bowel syndrome with diarrhea, immune checkpoint inhibitor-induced colitis, and other ailments affecting intestinal barrier integrity. The company's headquarters are located in New York, New York.
IMUX (Immunic, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $217.0M, a beta of 1.40 versus the broader market, a 52-week range of 5.06-16.6, average daily share volume of 236K, a public-listing history dating back to 2014, approximately 95 full-time employees. These structural characteristics shape how IMUX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.40 indicates IMUX 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 iron condor on IMUX?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
IMUX snapshot
As of August 14, 2026, spot at $16.33, ATM IV 77.40%, IV rank 14.71%, expected move 22.19%. The iron condor on IMUX below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on IMUX specifically: IMUX IV at 77.40% is on the cheap side of its 1-year range, which means a premium-selling IMUX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 22.19% (roughly $3.62 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IMUX expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMUX should anchor to the underlying notional of $16.33 per share and to the trader's directional view on IMUX stock.
IMUX iron condor setup
The IMUX iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With IMUX at $16.33 on that close, the first option leg uses a $17.15 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMUX chain at a 35-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 IMUX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $17.15 | N/A |
| Buy 1 | Call | $17.96 | N/A |
| Sell 1 | Put | $15.51 | N/A |
| Buy 1 | Put | $14.70 | N/A |
IMUX iron condor 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 net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
IMUX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on IMUX. 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 iron condor on IMUX
Iron condors on IMUX are a delta-neutral premium-collection structure that profits if IMUX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
IMUX thesis for this iron condor
The market-implied 1-standard-deviation range for IMUX extends from approximately $12.71 on the downside to $19.95 on the upside. A IMUX iron condor is a delta-neutral premium-collection structure that pays off when IMUX stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current IMUX IV rank near 14.71% 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 IMUX at 77.40%. As a Healthcare name, IMUX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMUX-specific events.
IMUX iron condor positions are structurally neutral / range-bound; 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. IMUX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMUX alongside the broader basket even when IMUX-specific fundamentals are unchanged. Short-premium structures like a iron condor on IMUX carry tail risk when realized volatility exceeds the implied move; review historical IMUX earnings reactions and macro stress periods before sizing. Always rebuild the position from current IMUX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on IMUX?
- A iron condor on IMUX is the iron condor strategy applied to IMUX (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With IMUX stock at $16.33 on the most recent close, the strikes shown on this page are snapped to the nearest listed IMUX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are IMUX iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the IMUX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 77.40%), 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 IMUX iron condor?
- The breakeven for the IMUX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 IMUX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on IMUX?
- Iron condors on IMUX are a delta-neutral premium-collection structure that profits if IMUX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current IMUX implied volatility affect this iron condor?
- IMUX ATM IV is at 77.40% with IV rank near 14.71%, 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.