IMVT Bear Put Spread Strategy
IMVT (Immunovant, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Immunovant, Inc., a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that selectively binds to and inhibits the neonatal fragment crystallizable receptor, which is in Phase IIa clinical trials for the treatment of myasthenia gravis and thyroid eye disease, as well as completed initiation of Phase II clinical trials for the treatment of warm autoimmune hemolytic anemia. The company was incorporated in 2018 is headquartered in New York, New York. Immunovant, Inc. is a subsidiary of Roivant Sciences Ltd.
IMVT (Immunovant, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $5.95B, a beta of 0.70 versus the broader market, a 52-week range of 13.63-30.16, average daily share volume of 1.4M, a public-listing history dating back to 2019, approximately 362 full-time employees. These structural characteristics shape how IMVT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.70 places IMVT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on IMVT?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current IMVT snapshot
As of May 15, 2026, spot at $27.51, ATM IV 74.90%, IV rank 40.07%, expected move 21.47%. The bear put spread on IMVT 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 bear put spread structure on IMVT specifically: IMVT IV at 74.90% 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 21.47% (roughly $5.91 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 IMVT expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMVT should anchor to the underlying notional of $27.51 per share and to the trader's directional view on IMVT stock.
IMVT bear put spread setup
The IMVT bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With IMVT near $27.51, the first option leg uses a $28.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMVT 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 IMVT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $28.00 | $2.58 |
| Sell 1 | Put | $26.00 | $1.93 |
IMVT bear put spread risk and reward
- Net Premium / Debit
- -$65.00
- Max Profit (per contract)
- $135.00
- Max Loss (per contract)
- -$65.00
- Breakeven(s)
- $27.35
- Risk / Reward Ratio
- 2.077
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
IMVT bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on IMVT. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$135.00 |
| $6.09 | -77.9% | +$135.00 |
| $12.17 | -55.8% | +$135.00 |
| $18.25 | -33.6% | +$135.00 |
| $24.34 | -11.5% | +$135.00 |
| $30.42 | +10.6% | -$65.00 |
| $36.50 | +32.7% | -$65.00 |
| $42.58 | +54.8% | -$65.00 |
| $48.66 | +76.9% | -$65.00 |
| $54.74 | +99.0% | -$65.00 |
When traders use bear put spread on IMVT
Bear put spreads on IMVT reduce the cost of a bearish IMVT stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
IMVT thesis for this bear put spread
The market-implied 1-standard-deviation range for IMVT extends from approximately $21.60 on the downside to $33.42 on the upside. A IMVT bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on IMVT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current IMVT IV rank near 40.07% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on IMVT should anchor more to the directional view and the expected-move geometry. As a Healthcare name, IMVT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMVT-specific events.
IMVT bear put spread positions are structurally moderately 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. IMVT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMVT alongside the broader basket even when IMVT-specific fundamentals are unchanged. Long-premium structures like a bear put spread on IMVT 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 IMVT chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on IMVT?
- A bear put spread on IMVT is the bear put spread strategy applied to IMVT (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With IMVT stock trading near $27.51, the strikes shown on this page are snapped to the nearest listed IMVT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IMVT bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the IMVT bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 74.90%), the computed maximum profit is $135.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IMVT bear put spread?
- The breakeven for the IMVT bear put spread priced on this page is roughly $27.35 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 IMVT market-implied 1-standard-deviation expected move is approximately 21.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on IMVT?
- Bear put spreads on IMVT reduce the cost of a bearish IMVT stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current IMVT implied volatility affect this bear put spread?
- IMVT ATM IV is at 74.90% with IV rank near 40.07%, 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.