KYMR Bull Call Spread Strategy
KYMR (Kymera Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Kymera Therapeutics, Inc., a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body's own natural protein degradation system. It engages in developing IRAK4 program, which is in Phase I clinical trial for the treatment of immunology-inflammation diseases, including hidradenitis suppurativa, atopic dermatitis, macrophage activation syndrome, general pustular psoriasis, and rheumatoid arthritis; IRAKIMiD program to treat MYD88-mutated diffuse large B cell lymphoma; STAT3 program for the treatment of hematologic malignancies and solid tumors, as well as autoimmune diseases and fibrosis; and MDM2 program to treat hematological malignancies and solid tumors. The company was incorporated in 2015 and is headquartered in Watertown, Massachusetts.
KYMR (Kymera Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $7.04B, a beta of 2.06 versus the broader market, a 52-week range of 28.06-103, average daily share volume of 650K, a public-listing history dating back to 2020, approximately 208 full-time employees. These structural characteristics shape how KYMR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.06 indicates KYMR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bull call spread on KYMR?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current KYMR snapshot
As of May 13, 2026, spot at $85.46, ATM IV 57.90%, IV rank 10.13%, expected move 16.60%. The bull call spread on KYMR 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 98-day expiry.
Why this bull call spread structure on KYMR specifically: KYMR IV at 57.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a KYMR bull call spread, with a market-implied 1-standard-deviation move of approximately 16.60% (roughly $14.19 on the underlying). The 98-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KYMR expiries trade a higher absolute premium for lower per-day decay. Position sizing on KYMR should anchor to the underlying notional of $85.46 per share and to the trader's directional view on KYMR stock.
KYMR bull call spread setup
The KYMR bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With KYMR near $85.46, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KYMR chain at a 98-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 KYMR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $85.00 | $9.75 |
| Sell 1 | Call | $90.00 | $7.60 |
KYMR bull call spread risk and reward
- Net Premium / Debit
- -$215.00
- Max Profit (per contract)
- $285.00
- Max Loss (per contract)
- -$215.00
- Breakeven(s)
- $87.15
- Risk / Reward Ratio
- 1.326
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
KYMR bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on KYMR. 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% | -$215.00 |
| $18.90 | -77.9% | -$215.00 |
| $37.80 | -55.8% | -$215.00 |
| $56.69 | -33.7% | -$215.00 |
| $75.59 | -11.6% | -$215.00 |
| $94.48 | +10.6% | +$285.00 |
| $113.38 | +32.7% | +$285.00 |
| $132.27 | +54.8% | +$285.00 |
| $151.17 | +76.9% | +$285.00 |
| $170.06 | +99.0% | +$285.00 |
When traders use bull call spread on KYMR
Bull call spreads on KYMR reduce the cost of a bullish KYMR stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
KYMR thesis for this bull call spread
The market-implied 1-standard-deviation range for KYMR extends from approximately $71.27 on the downside to $99.65 on the upside. A KYMR bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on KYMR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current KYMR IV rank near 10.13% 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 KYMR at 57.90%. As a Healthcare name, KYMR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KYMR-specific events.
KYMR bull call spread positions are structurally moderately bullish; 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. KYMR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KYMR alongside the broader basket even when KYMR-specific fundamentals are unchanged. Long-premium structures like a bull call spread on KYMR are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current KYMR chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on KYMR?
- A bull call spread on KYMR is the bull call spread strategy applied to KYMR (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With KYMR stock trading near $85.46, the strikes shown on this page are snapped to the nearest listed KYMR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are KYMR bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the KYMR bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 57.90%), the computed maximum profit is $285.00 per contract and the computed maximum loss is -$215.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a KYMR bull call spread?
- The breakeven for the KYMR bull call spread priced on this page is roughly $87.15 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 KYMR market-implied 1-standard-deviation expected move is approximately 16.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on KYMR?
- Bull call spreads on KYMR reduce the cost of a bullish KYMR stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current KYMR implied volatility affect this bull call spread?
- KYMR ATM IV is at 57.90% with IV rank near 10.13%, 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.