INVA Iron Condor Strategy
INVA (Innoviva, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Innoviva, Inc. functions as a pharmaceutical company, concentrating on the worldwide creation and marketing of medical treatments. Its current product lineup prominently includes several once-daily combination therapies: RELVAR/BREO ELLIPTA, which integrates vilanterol (a long-acting beta2 agonist, or LABA) with fluticasone furoate (an inhaled corticosteroid, or ICS); ANORO ELLIPTA, a medication that pairs umeclidinium bromide (a long-acting muscarinic antagonist, or LAMA) with vilanterol (LABA); and TRELEGY ELLIPTA, a comprehensive treatment combining an ICS, LAMA, and LABA. The company has forged a key strategic alliance with Sarissa Capital Management LP. Moreover, Innoviva collaborates with Glaxo Group Limited under an agreement focused on the development and commercialization of daily LABA-based products designed to treat chronic obstructive pulmonary disease and asthma. Founded in 1996, the corporation was initially known as Theravance, Inc., before officially changing its name to Innoviva, Inc. in January 2016. Its primary operational base is situated in Burlingame, California.
INVA (Innoviva, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.74B, a trailing P/E of 3.47, a beta of 0.35 versus the broader market, a 52-week range of 16.52-25.15, average daily share volume of 793K, a public-listing history dating back to 2004, approximately 127 full-time employees. These structural characteristics shape how INVA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.35 indicates INVA has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 3.47 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a iron condor on INVA?
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 INVA snapshot
As of June 29, 2026, spot at $23.22, ATM IV 120.90%, IV rank 22.22%, expected move 34.66%. The iron condor on INVA 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 18-day expiry.
Why this iron condor structure on INVA specifically: INVA IV at 120.90% is on the cheap side of its 1-year range, which means a premium-selling INVA iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 34.66% (roughly $8.05 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated INVA expiries trade a higher absolute premium for lower per-day decay. Position sizing on INVA should anchor to the underlying notional of $23.22 per share and to the trader's directional view on INVA stock.
INVA iron condor setup
The INVA 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 INVA near $23.22, the first option leg uses a $24.38 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INVA chain at a 18-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 INVA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $24.38 | N/A |
| Buy 1 | Call | $25.54 | N/A |
| Sell 1 | Put | $22.06 | N/A |
| Buy 1 | Put | $20.90 | N/A |
INVA 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.
INVA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on INVA. 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 INVA
Iron condors on INVA are a delta-neutral premium-collection structure that profits if INVA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
INVA thesis for this iron condor
The market-implied 1-standard-deviation range for INVA extends from approximately $15.17 on the downside to $31.27 on the upside. A INVA iron condor is a delta-neutral premium-collection structure that pays off when INVA 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 INVA IV rank near 22.22% 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 INVA at 120.90%. As a Healthcare name, INVA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INVA-specific events.
INVA 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. INVA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INVA alongside the broader basket even when INVA-specific fundamentals are unchanged. Short-premium structures like a iron condor on INVA carry tail risk when realized volatility exceeds the implied move; review historical INVA earnings reactions and macro stress periods before sizing. Always rebuild the position from current INVA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on INVA?
- A iron condor on INVA is the iron condor strategy applied to INVA (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 INVA stock trading near $23.22, the strikes shown on this page are snapped to the nearest listed INVA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INVA 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 INVA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 120.90%), 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 INVA iron condor?
- The breakeven for the INVA iron condor priced on this page is no defined breakeven on the modeled curve 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 INVA market-implied 1-standard-deviation expected move is approximately 34.66%; 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 INVA?
- Iron condors on INVA are a delta-neutral premium-collection structure that profits if INVA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current INVA implied volatility affect this iron condor?
- INVA ATM IV is at 120.90% with IV rank near 22.22%, 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.