KNSA Iron Condor Strategy
KNSA (Kiniksa Pharmaceuticals International, plc), in the Healthcare sector, (Medical - Pharmaceuticals industry), listed on NASDAQ.
Kiniksa Pharmaceuticals International, plc, a biopharmaceutical company, develops and commercializes medical therapies in the United States, the United Kingdom, and internationally. The company offers ARCALYST, an interleukin-1alpha and 1beta cytokine trap for the treatment of recurrent pericarditis, a chronic autoinflammatory cardiovascular disease and cardiac sarcoidosis. It also develops KPL-387, an investigational and fully human immunoglobulin G2 monoclonal antibody, which is Phase 2/3 clinical trial for the treatment of recurrent pericarditis; and KPL-116, a Fc-modified immunoglobulin G2 monoclonal antibody, which is in pre-clinical stage. The company was formerly known as Kiniksa Pharmaceuticals, Ltd. and changed its name to Kiniksa Pharmaceuticals International, plc in June 2024. Kiniksa Pharmaceuticals International, plc was incorporated in 2015 and is based in London, the United Kingdom.
KNSA (Kiniksa Pharmaceuticals International, plc) trades in the Healthcare sector, specifically Medical - Pharmaceuticals, with a market capitalization of approximately $5.69B, a trailing P/E of 71.76, a beta of 0.09 versus the broader market, a 52-week range of 35.2-82.94, average daily share volume of 687K, a public-listing history dating back to 2018, approximately 366 full-time employees. These structural characteristics shape how KNSA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.09 indicates KNSA 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 71.76 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a iron condor on KNSA?
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.
KNSA snapshot
As of September 30, 2026, spot at $75.08, ATM IV 54.30%, IV rank 31.53%, expected move 15.57%. The iron condor on KNSA below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.
Why this iron condor structure on KNSA specifically: KNSA IV at 54.30% is mid-range versus its 1-year history, so the credit collected on a KNSA iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.57% (roughly $11.69 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KNSA expiries trade a higher absolute premium for lower per-day decay. Position sizing on KNSA should anchor to the underlying notional of $75.08 per share and to the trader's directional view on KNSA stock.
KNSA iron condor setup
The KNSA iron condor below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With KNSA at $75.08 on that close, the first option leg uses a $80.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KNSA chain at a 16-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 KNSA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $80.00 | $2.00 |
| Buy 1 | Call | $85.00 | $0.55 |
| Sell 1 | Put | $70.00 | $1.51 |
| Buy 1 | Put | $70.00 | $1.51 |
KNSA iron condor risk and reward
- Net Premium / Debit
- +$145.00
- Max Profit (per contract)
- $145.00
- Max Loss (per contract)
- -$355.00
- Breakeven(s)
- $81.45
- Risk / Reward Ratio
- 0.408
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.
KNSA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on KNSA. 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% | +$145.00 |
| $16.61 | -77.9% | +$145.00 |
| $33.21 | -55.8% | +$145.00 |
| $49.81 | -33.7% | +$145.00 |
| $66.41 | -11.6% | +$145.00 |
| $83.01 | +10.6% | -$155.75 |
| $99.61 | +32.7% | -$355.00 |
| $116.21 | +54.8% | -$355.00 |
| $132.81 | +76.9% | -$355.00 |
| $149.41 | +99.0% | -$355.00 |
When traders use iron condor on KNSA
Iron condors on KNSA are a delta-neutral premium-collection structure that profits if KNSA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
KNSA thesis for this iron condor
The market-implied 1-standard-deviation range for KNSA extends from approximately $63.39 on the downside to $86.77 on the upside. A KNSA iron condor is a delta-neutral premium-collection structure that pays off when KNSA 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 KNSA IV rank near 31.53% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on KNSA should anchor more to the directional view and the expected-move geometry. As a Healthcare name, KNSA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KNSA-specific events.
KNSA 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. KNSA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KNSA alongside the broader basket even when KNSA-specific fundamentals are unchanged. Short-premium structures like a iron condor on KNSA carry tail risk when realized volatility exceeds the implied move; review historical KNSA earnings reactions and macro stress periods before sizing. Always rebuild the position from current KNSA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on KNSA?
- A iron condor on KNSA is the iron condor strategy applied to KNSA (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 KNSA stock at $75.08 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed KNSA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are KNSA 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 KNSA iron condor priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.30%), the computed maximum profit is $145.00 per contract and the computed maximum loss is -$355.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a KNSA iron condor?
- The breakeven for the KNSA iron condor priced on this page is roughly $81.45 at expiration, derived from the September 30, 2026 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 KNSA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.57%; 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 KNSA?
- Iron condors on KNSA are a delta-neutral premium-collection structure that profits if KNSA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current KNSA implied volatility affect this iron condor?
- KNSA ATM IV is at 54.30% with IV rank near 31.53%, 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.