IMVT Iron Condor 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 iron condor on IMVT?
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.
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 iron condor 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 iron condor structure on IMVT specifically: IMVT IV at 74.90% is mid-range versus its 1-year history, so the credit collected on a IMVT iron condor sits in line with its long-run distribution, 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 iron condor setup
The IMVT 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 IMVT near $27.51, the first option leg uses a $29.00 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) |
|---|---|---|---|
| Sell 1 | Call | $29.00 | $2.05 |
| Buy 1 | Call | $30.00 | $1.68 |
| Sell 1 | Put | $26.00 | $1.93 |
| Buy 1 | Put | $25.00 | $1.73 |
IMVT iron condor risk and reward
- Net Premium / Debit
- +$57.50
- Max Profit (per contract)
- $57.50
- Max Loss (per contract)
- -$42.50
- Breakeven(s)
- $25.43, $29.58
- Risk / Reward Ratio
- 1.353
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.
IMVT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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% | -$42.50 |
| $6.09 | -77.9% | -$42.50 |
| $12.17 | -55.8% | -$42.50 |
| $18.25 | -33.6% | -$42.50 |
| $24.34 | -11.5% | -$42.50 |
| $30.42 | +10.6% | -$42.50 |
| $36.50 | +32.7% | -$42.50 |
| $42.58 | +54.8% | -$42.50 |
| $48.66 | +76.9% | -$42.50 |
| $54.74 | +99.0% | -$42.50 |
When traders use iron condor on IMVT
Iron condors on IMVT are a delta-neutral premium-collection structure that profits if IMVT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
IMVT thesis for this iron condor
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 iron condor is a delta-neutral premium-collection structure that pays off when IMVT 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 IMVT IV rank near 40.07% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor 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 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. 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. Short-premium structures like a iron condor on IMVT carry tail risk when realized volatility exceeds the implied move; review historical IMVT earnings reactions and macro stress periods before sizing. Always rebuild the position from current IMVT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on IMVT?
- A iron condor on IMVT is the iron condor strategy applied to IMVT (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 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 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 IMVT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 74.90%), the computed maximum profit is $57.50 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IMVT iron condor?
- The breakeven for the IMVT iron condor priced on this page is roughly $25.43 and $29.58 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 iron condor on IMVT?
- Iron condors on IMVT are a delta-neutral premium-collection structure that profits if IMVT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current IMVT implied volatility affect this iron condor?
- 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.