MGNX Iron Condor Strategy
MGNX (MacroGenics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
MacroGenics, Inc., a clinical-stage biopharmaceutical company, discovers, develops, manufactures, and commercializes antibody-based therapeutics for the treatment of cancer in the United States. The company’s product pipeline includes lorigerlimab, a bispecific DART molecule that targets checkpoint inhibitors PD-1 and CTLA-4 for the treatment of mCRPC and docetaxel that is in phase 2 clinical trials, as well as for the treatment of platinum-resistant ovarian cancer and clear cell gynecologic cancer which has completed phase 1 clinical trial; MGC026, an ADC that targets B7-H3 and delivers a novel topoisomerase I inhibitor (TOP1i)-based linker-payload; MGC028, an antibody-drug conjugates (ADC) that targets ADAM9 and delivers a novel TOP1i-based linker-payload for the treatment of solid tumors, which is in phase 1 clinical trials; MGC030, a ADC molecule that targets an undisclosed antigen expressed across several solid tumors, which is in preclinical trials. It is also developing T-cell engager programs. The company has collaborations with TerSera Therapeutics LLC; Incyte Corporation; and Gilead Sciences, Inc. MacroGenics, Inc. was incorporated in 2000 and is headquartered in Rockville, Maryland.
MGNX (MacroGenics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $255.5M, a beta of 1.22 versus the broader market, a 52-week range of 1.29-5.08, average daily share volume of 1.0M, a public-listing history dating back to 2013, approximately 293 full-time employees. These structural characteristics shape how MGNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.22 places MGNX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on MGNX?
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.
MGNX snapshot
As of August 14, 2026, spot at $4.05, ATM IV 93.20%, IV rank 17.23%, expected move 26.72%. The iron condor on MGNX 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 35-day expiry.
Why this iron condor structure on MGNX specifically: MGNX IV at 93.20% is on the cheap side of its 1-year range, which means a premium-selling MGNX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 26.72% (roughly $1.08 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MGNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on MGNX should anchor to the underlying notional of $4.05 per share and to the trader's directional view on MGNX stock.
MGNX iron condor setup
The MGNX 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 MGNX at $4.05 on that close, the first option leg uses a $4.25 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MGNX chain at a 35-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 MGNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $4.25 | N/A |
| Buy 1 | Call | $4.46 | N/A |
| Sell 1 | Put | $3.85 | N/A |
| Buy 1 | Put | $3.65 | N/A |
MGNX 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.
MGNX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MGNX. 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 MGNX
Iron condors on MGNX are a delta-neutral premium-collection structure that profits if MGNX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MGNX thesis for this iron condor
The market-implied 1-standard-deviation range for MGNX extends from approximately $2.97 on the downside to $5.13 on the upside. A MGNX iron condor is a delta-neutral premium-collection structure that pays off when MGNX 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 MGNX IV rank near 17.23% 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 MGNX at 93.20%. As a Healthcare name, MGNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MGNX-specific events.
MGNX 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. MGNX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MGNX alongside the broader basket even when MGNX-specific fundamentals are unchanged. Short-premium structures like a iron condor on MGNX carry tail risk when realized volatility exceeds the implied move; review historical MGNX earnings reactions and macro stress periods before sizing. Always rebuild the position from current MGNX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MGNX?
- A iron condor on MGNX is the iron condor strategy applied to MGNX (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 MGNX stock at $4.05 on the most recent close, the strikes shown on this page are snapped to the nearest listed MGNX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MGNX 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 MGNX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 93.20%), 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 MGNX iron condor?
- The breakeven for the MGNX 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 MGNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.72%; 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 MGNX?
- Iron condors on MGNX are a delta-neutral premium-collection structure that profits if MGNX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MGNX implied volatility affect this iron condor?
- MGNX ATM IV is at 93.20% with IV rank near 17.23%, 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.