INO Iron Condor Strategy
INO (Inovio Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Inovio Pharmaceuticals, Inc. is a biotechnology firm dedicated to the research, development, and market introduction of DNA-based treatments. Its core mission is to prevent and cure illnesses associated with human papillomavirus (HPV), various types of cancer, and infectious diseases. The company's advanced DNA medicine platform utilizes meticulously engineered SynCon sequences to precisely identify and optimize the genetic blueprint of a target antigen. This innovative approach is supported by its CELLECTRA smart device technology, which efficiently delivers the DNA plasmids. Inovio is actively engaged in and planning clinical trials for its DNA medicines across a wide array of conditions. These include HPV-related precancerous lesions, such as cervical, vulvar, and anal dysplasia; HPV-driven cancers affecting areas like the head and neck, cervix, anus, penis, vulva, and vagina; and other HPV-associated disorders like recurrent respiratory papillomatosis.
INO (Inovio Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $53.2M, a beta of 1.51 versus the broader market, a 52-week range of 0.56-2.98, average daily share volume of 3.0M, a public-listing history dating back to 1998, approximately 112 full-time employees. These structural characteristics shape how INO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.51 indicates INO has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. INO pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on INO?
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.
INO snapshot
As of August 14, 2026, spot at $1.08, ATM IV 44.52%, IV rank 8.88%, expected move 12.76%. The iron condor on INO 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 28-day expiry.
Why this iron condor structure on INO specifically: INO IV at 44.52% is on the cheap side of its 1-year range, which means a premium-selling INO iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.76% (roughly $0.14 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated INO expiries trade a higher absolute premium for lower per-day decay. Position sizing on INO should anchor to the underlying notional of $1.08 per share and to the trader's directional view on INO stock.
INO iron condor setup
The INO 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 INO at $1.08 on that close, the first option leg uses a $1.13 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INO chain at a 28-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 INO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1.13 | N/A |
| Buy 1 | Call | $1.19 | N/A |
| Sell 1 | Put | $1.03 | N/A |
| Buy 1 | Put | $0.97 | N/A |
INO 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.
INO iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on INO. 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 INO
Iron condors on INO are a delta-neutral premium-collection structure that profits if INO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
INO thesis for this iron condor
The market-implied 1-standard-deviation range for INO extends from approximately $0.94 on the downside to $1.22 on the upside. A INO iron condor is a delta-neutral premium-collection structure that pays off when INO 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 INO IV rank near 8.88% 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 INO at 44.52%. As a Healthcare name, INO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INO-specific events.
INO 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. INO positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INO alongside the broader basket even when INO-specific fundamentals are unchanged. Short-premium structures like a iron condor on INO carry tail risk when realized volatility exceeds the implied move; review historical INO earnings reactions and macro stress periods before sizing. Always rebuild the position from current INO chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on INO?
- A iron condor on INO is the iron condor strategy applied to INO (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 INO stock at $1.08 on the most recent close, the strikes shown on this page are snapped to the nearest listed INO chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are INO 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 INO iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 44.52%), 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 INO iron condor?
- The breakeven for the INO 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 INO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.76%; 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 INO?
- Iron condors on INO are a delta-neutral premium-collection structure that profits if INO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current INO implied volatility affect this iron condor?
- INO ATM IV is at 44.52% with IV rank near 8.88%, 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.