PHVS Iron Condor Strategy
PHVS (Pharvaris N.V.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Pharvaris N.V., a late-stage biopharmaceutical company, focuses on the development and commercialization of therapies for rare diseases with unmet needs covering angioedema and other bradykinin-mediated diseases. The company develops deucrictibant, a small molecule bradykinin B2-receptor antagonist to treat attacks due to bradykinin-mediated angioedema, including hereditary angioedema (HAE) and acquired angioedema due to C1-inhibitor deficiency (AAE-C1INH), which is in phase 3, as well as in phase 3 trials for treatment and prophylaxis of HAE attacks; and extended-release tablet and immediate-release capsule formulation of deucrictibant. Pharvaris N.V. was incorporated in 2015 and is headquartered in Zug, Switzerland.
PHVS (Pharvaris N.V.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.55B, a beta of -2.33 versus the broader market, a 52-week range of 20.65-36.645, average daily share volume of 393K, a public-listing history dating back to 2021, approximately 134 full-time employees. These structural characteristics shape how PHVS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -2.33 indicates PHVS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on PHVS?
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.
PHVS snapshot
As of August 14, 2026, spot at $35.18, ATM IV 98.80%, IV rank 29.80%, expected move 28.33%. The iron condor on PHVS 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 PHVS specifically: PHVS IV at 98.80% is on the cheap side of its 1-year range, which means a premium-selling PHVS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 28.33% (roughly $9.96 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 PHVS expiries trade a higher absolute premium for lower per-day decay. Position sizing on PHVS should anchor to the underlying notional of $35.18 per share and to the trader's directional view on PHVS stock.
PHVS iron condor setup
The PHVS 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 PHVS at $35.18 on that close, the first option leg uses a $36.94 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PHVS 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 PHVS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $36.94 | N/A |
| Buy 1 | Call | $38.70 | N/A |
| Sell 1 | Put | $33.42 | N/A |
| Buy 1 | Put | $31.66 | N/A |
PHVS 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.
PHVS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PHVS. 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 PHVS
Iron condors on PHVS are a delta-neutral premium-collection structure that profits if PHVS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PHVS thesis for this iron condor
The market-implied 1-standard-deviation range for PHVS extends from approximately $25.22 on the downside to $45.14 on the upside. A PHVS iron condor is a delta-neutral premium-collection structure that pays off when PHVS 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 PHVS IV rank near 29.80% 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 PHVS at 98.80%. As a Healthcare name, PHVS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PHVS-specific events.
PHVS 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. PHVS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PHVS alongside the broader basket even when PHVS-specific fundamentals are unchanged. Short-premium structures like a iron condor on PHVS carry tail risk when realized volatility exceeds the implied move; review historical PHVS earnings reactions and macro stress periods before sizing. Always rebuild the position from current PHVS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PHVS?
- A iron condor on PHVS is the iron condor strategy applied to PHVS (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 PHVS stock at $35.18 on the most recent close, the strikes shown on this page are snapped to the nearest listed PHVS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PHVS 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 PHVS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 98.80%), 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 PHVS iron condor?
- The breakeven for the PHVS 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 PHVS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.33%; 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 PHVS?
- Iron condors on PHVS are a delta-neutral premium-collection structure that profits if PHVS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PHVS implied volatility affect this iron condor?
- PHVS ATM IV is at 98.80% with IV rank near 29.80%, 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.