ORIC Iron Condor Strategy
ORIC (ORIC Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
ORIC Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical firm dedicated to discovering and advancing innovative treatments for cancer patients across the United States. The company's pipeline includes several key clinical-stage drug candidates. ORIC-533 is an oral small molecule designed to inhibit CD73, addressing resistance to both chemotherapy and immunotherapy. Another candidate, ORIC-944, is an allosteric inhibitor targeting the polycomb repressive complex 2, specifically for the treatment of prostate cancer. Furthermore, ORIC-114 is a brain-penetrant, orally administered, irreversible inhibitor crafted to precisely target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2), demonstrating high potency against exon 20 insertion mutations. Beyond these advanced programs, ORIC Pharmaceuticals is also cultivating multiple early-stage precision medicines aimed at other mechanisms of cancer resistance.
ORIC (ORIC Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $986.5M, a beta of 1.06 versus the broader market, a 52-week range of 7.23-14.93, average daily share volume of 1.9M, a public-listing history dating back to 2020, approximately 122 full-time employees. These structural characteristics shape how ORIC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.06 places ORIC 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 ORIC?
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 ORIC snapshot
As of June 30, 2026, spot at $10.82, ATM IV 163.60%, IV rank 25.16%, expected move 46.90%. The iron condor on ORIC 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 52-day expiry.
Why this iron condor structure on ORIC specifically: ORIC IV at 163.60% is on the cheap side of its 1-year range, which means a premium-selling ORIC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 46.90% (roughly $5.07 on the underlying). The 52-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ORIC expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORIC should anchor to the underlying notional of $10.82 per share and to the trader's directional view on ORIC stock.
ORIC iron condor setup
The ORIC 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 ORIC near $10.82, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORIC chain at a 52-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 ORIC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $11.00 | $2.85 |
| Buy 1 | Call | $12.00 | $1.85 |
| Sell 1 | Put | $10.00 | $2.09 |
| Buy 1 | Put | $10.00 | $2.09 |
ORIC iron condor risk and reward
- Net Premium / Debit
- +$100.00
- Max Profit (per contract)
- $100.00
- Max Loss (per contract)
- -$0.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- 879,609,302,220,800.000
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.
ORIC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ORIC. 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 | -99.9% | +$100.00 |
| $2.40 | -77.8% | +$100.00 |
| $4.79 | -55.7% | +$100.00 |
| $7.18 | -33.6% | +$100.00 |
| $9.58 | -11.5% | +$100.00 |
| $11.97 | +10.6% | +$3.37 |
| $14.36 | +32.7% | $0.00 |
| $16.75 | +54.8% | -$0.00 |
| $19.14 | +76.9% | $0.00 |
| $21.53 | +99.0% | -$0.00 |
When traders use iron condor on ORIC
Iron condors on ORIC are a delta-neutral premium-collection structure that profits if ORIC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ORIC thesis for this iron condor
The market-implied 1-standard-deviation range for ORIC extends from approximately $5.75 on the downside to $15.89 on the upside. A ORIC iron condor is a delta-neutral premium-collection structure that pays off when ORIC 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 ORIC IV rank near 25.16% 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 ORIC at 163.60%. As a Healthcare name, ORIC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORIC-specific events.
ORIC 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. ORIC positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORIC alongside the broader basket even when ORIC-specific fundamentals are unchanged. Short-premium structures like a iron condor on ORIC carry tail risk when realized volatility exceeds the implied move; review historical ORIC earnings reactions and macro stress periods before sizing. Always rebuild the position from current ORIC chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ORIC?
- A iron condor on ORIC is the iron condor strategy applied to ORIC (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 ORIC stock trading near $10.82, the strikes shown on this page are snapped to the nearest listed ORIC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ORIC 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 ORIC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 163.60%), the computed maximum profit is $100.00 per contract and the computed maximum loss is -$0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ORIC iron condor?
- The breakeven for the ORIC 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 ORIC market-implied 1-standard-deviation expected move is approximately 46.90%; 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 ORIC?
- Iron condors on ORIC are a delta-neutral premium-collection structure that profits if ORIC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ORIC implied volatility affect this iron condor?
- ORIC ATM IV is at 163.60% with IV rank near 25.16%, 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.