PCRX Iron Condor Strategy
PCRX (Pacira BioSciences, Inc.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.
Pacira BioSciences, Inc. provides non-opioid pain management and regenerative health solutions for healthcare practitioners and their patients in the United States. The company offers EXPAREL, a bupivacaine liposome injectable suspension; ZILRETTA, a triamcinolone acetonide extended-release injectable suspension; and iovera system, a non-opioid handheld cryoanalgesia device used to produce controlled doses of cold temperature only to targeted nerves. It also develops proprietary multivesicular liposome, a drug delivery technology that encapsulates drugs without altering their molecular structure. The company was formerly known as Pacira Pharmaceuticals, Inc. and changed its name to Pacira BioSciences, Inc. in April 2019. Pacira BioSciences, Inc. was incorporated in 2006 and is headquartered in Tampa, Florida.
PCRX (Pacira BioSciences, Inc.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $906.3M, a trailing P/E of 181.44, a beta of 0.32 versus the broader market, a 52-week range of 18.8-27.64, average daily share volume of 738K, a public-listing history dating back to 2011, approximately 788 full-time employees. These structural characteristics shape how PCRX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.32 indicates PCRX 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 181.44 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 PCRX?
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 PCRX snapshot
As of May 15, 2026, spot at $22.80, ATM IV 60.70%, IV rank 7.02%, expected move 17.40%. The iron condor on PCRX 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 34-day expiry.
Why this iron condor structure on PCRX specifically: PCRX IV at 60.70% is on the cheap side of its 1-year range, which means a premium-selling PCRX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.40% (roughly $3.97 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PCRX expiries trade a higher absolute premium for lower per-day decay. Position sizing on PCRX should anchor to the underlying notional of $22.80 per share and to the trader's directional view on PCRX stock.
PCRX iron condor setup
The PCRX 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 PCRX near $22.80, the first option leg uses a $23.94 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PCRX chain at a 34-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 PCRX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $23.94 | N/A |
| Buy 1 | Call | $25.08 | N/A |
| Sell 1 | Put | $21.66 | N/A |
| Buy 1 | Put | $20.52 | N/A |
PCRX 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.
PCRX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PCRX. 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 PCRX
Iron condors on PCRX are a delta-neutral premium-collection structure that profits if PCRX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PCRX thesis for this iron condor
The market-implied 1-standard-deviation range for PCRX extends from approximately $18.83 on the downside to $26.77 on the upside. A PCRX iron condor is a delta-neutral premium-collection structure that pays off when PCRX 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 PCRX IV rank near 7.02% 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 PCRX at 60.70%. As a Healthcare name, PCRX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PCRX-specific events.
PCRX 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. PCRX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PCRX alongside the broader basket even when PCRX-specific fundamentals are unchanged. Short-premium structures like a iron condor on PCRX carry tail risk when realized volatility exceeds the implied move; review historical PCRX earnings reactions and macro stress periods before sizing. Always rebuild the position from current PCRX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PCRX?
- A iron condor on PCRX is the iron condor strategy applied to PCRX (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 PCRX stock trading near $22.80, the strikes shown on this page are snapped to the nearest listed PCRX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PCRX 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 PCRX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 60.70%), 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 PCRX iron condor?
- The breakeven for the PCRX 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 PCRX market-implied 1-standard-deviation expected move is approximately 17.40%; 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 PCRX?
- Iron condors on PCRX are a delta-neutral premium-collection structure that profits if PCRX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PCRX implied volatility affect this iron condor?
- PCRX ATM IV is at 60.70% with IV rank near 7.02%, 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.