KMDA Iron Condor Strategy
KMDA (Kamada Ltd.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.
Kamada Ltd. is a biopharmaceutical firm focused on developing, manufacturing, and distributing protein therapeutics derived from human plasma. The company operates through two core business areas: its proprietary product segment and its distribution division. Its own manufactured portfolio includes KAMRAB/KEDRAB for rabies prevention, CYTOGAM to prevent cytomegalovirus disease in transplant recipients, WINRHO SDF for immune thrombocytopenic purpura and Rhesus (Rh) isoimmunization, HEPAGAM B for hepatitis B recurrence prevention following liver transplants and for post-exposure prophylaxis, VARIZIG for post-exposure chickenpox prophylaxis, and GLASSIA for intravenous alpha-1 antitrypsin deficiency (AATD). Kamada also produces KamRho (D) for the prophylaxis of hemolytic disease of newborns and immune thrombocytopenic purpura, along with a specific antiserum for Vipera palaestinae and Echis coloratus snake bites. Additionally, the company distributes a wide array of third-party pharmaceutical products, encompassing treatments like BRAMITOB for chronic pulmonary infections, FOSTER for asthma, PROVOCHOLINE for diagnosing bronchial airway hyperactivity, and specialized therapies such as IVIG for immunodeficiency, VARITECT for chickenpox and zoster herpes, and various factors for hemophilia A and B, among numerous others for conditions like hepatitis B, cytomegalovirus, angioedema, Japanese encephalitis, and prostate cancer. Kamada markets its offerings in the United States through strategic partners and internationally via a network of distributors.
KMDA (Kamada Ltd.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $418.9M, a trailing P/E of 21.04, a beta of 0.15 versus the broader market, a 52-week range of 6.5-9.35, average daily share volume of 48K, a public-listing history dating back to 2013, approximately 420 full-time employees. These structural characteristics shape how KMDA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.15 indicates KMDA has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. KMDA pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on KMDA?
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 KMDA snapshot
As of June 30, 2026, spot at $7.36, ATM IV 209.30%, IV rank 43.00%, expected move 60.00%. The iron condor on KMDA 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 17-day expiry.
Why this iron condor structure on KMDA specifically: KMDA IV at 209.30% is mid-range versus its 1-year history, so the credit collected on a KMDA iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 60.00% (roughly $4.42 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KMDA expiries trade a higher absolute premium for lower per-day decay. Position sizing on KMDA should anchor to the underlying notional of $7.36 per share and to the trader's directional view on KMDA stock.
KMDA iron condor setup
The KMDA 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 KMDA near $7.36, the first option leg uses a $7.73 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KMDA chain at a 17-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 KMDA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $7.73 | N/A |
| Buy 1 | Call | $8.10 | N/A |
| Sell 1 | Put | $6.99 | N/A |
| Buy 1 | Put | $6.62 | N/A |
KMDA 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.
KMDA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on KMDA. 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 KMDA
Iron condors on KMDA are a delta-neutral premium-collection structure that profits if KMDA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
KMDA thesis for this iron condor
The market-implied 1-standard-deviation range for KMDA extends from approximately $2.94 on the downside to $11.78 on the upside. A KMDA iron condor is a delta-neutral premium-collection structure that pays off when KMDA 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 KMDA IV rank near 43.00% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on KMDA should anchor more to the directional view and the expected-move geometry. As a Healthcare name, KMDA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KMDA-specific events.
KMDA 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. KMDA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KMDA alongside the broader basket even when KMDA-specific fundamentals are unchanged. Short-premium structures like a iron condor on KMDA carry tail risk when realized volatility exceeds the implied move; review historical KMDA earnings reactions and macro stress periods before sizing. Always rebuild the position from current KMDA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on KMDA?
- A iron condor on KMDA is the iron condor strategy applied to KMDA (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 KMDA stock trading near $7.36, the strikes shown on this page are snapped to the nearest listed KMDA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are KMDA 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 KMDA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 209.30%), 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 KMDA iron condor?
- The breakeven for the KMDA 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 KMDA market-implied 1-standard-deviation expected move is approximately 60.00%; 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 KMDA?
- Iron condors on KMDA are a delta-neutral premium-collection structure that profits if KMDA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current KMDA implied volatility affect this iron condor?
- KMDA ATM IV is at 209.30% with IV rank near 43.00%, 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.