PLX Iron Condor Strategy
PLX (Protalix BioTherapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on AMEX.
Protalix BioTherapeutics, Inc., a biopharmaceutical company, engages in the development, production, and commercialization of recombinant therapeutic proteins based on the ProCellEx plant cell-based protein expression system. The company provides Elelyso for the treatment of Gaucher disease; and Elfabrio for the treatment of adult patients with a confirmed diagnosis of Fabry disease. It is also developing PRX-115, a plant cell expressed recombinant PEGylated Uricase, which is in Phase 2 trial for the treatment of gout; and PRX-119, a plant cell expressed PEGylated recombinant human DNase I product candidate for the treatment of neutrophil extracellular traps diseases. The company has agreements and partnerships with Pfizer; Fundação Oswaldo Cruz; and Chiesi Farmaceutici S.p.A. Protalix BioTherapeutics, Inc. has strategic partnership with Secarna Pharmaceuticals GmbH & Co KG. The company is headquartered in Hackensack.
PLX (Protalix BioTherapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $211.1M, a trailing P/E of 11.06, a beta of 0.01 versus the broader market, a 52-week range of 1.46-3.19, average daily share volume of 697K, a public-listing history dating back to 1998, approximately 226 full-time employees. These structural characteristics shape how PLX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.01 indicates PLX 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 11.06 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a iron condor on PLX?
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.
PLX snapshot
As of August 14, 2026, spot at $2.24, ATM IV 34.80%, IV rank 6.28%, expected move 9.98%. The iron condor on PLX 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 PLX specifically: PLX IV at 34.80% is on the cheap side of its 1-year range, which means a premium-selling PLX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.98% (roughly $0.22 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 PLX expiries trade a higher absolute premium for lower per-day decay. Position sizing on PLX should anchor to the underlying notional of $2.24 per share and to the trader's directional view on PLX stock.
PLX iron condor setup
The PLX 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 PLX at $2.24 on that close, the first option leg uses a $2.35 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PLX 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 PLX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.35 | N/A |
| Buy 1 | Call | $2.46 | N/A |
| Sell 1 | Put | $2.13 | N/A |
| Buy 1 | Put | $2.02 | N/A |
PLX 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.
PLX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PLX. 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 PLX
Iron condors on PLX are a delta-neutral premium-collection structure that profits if PLX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PLX thesis for this iron condor
The market-implied 1-standard-deviation range for PLX extends from approximately $2.02 on the downside to $2.46 on the upside. A PLX iron condor is a delta-neutral premium-collection structure that pays off when PLX 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 PLX IV rank near 6.28% 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 PLX at 34.80%. As a Healthcare name, PLX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PLX-specific events.
PLX 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. PLX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PLX alongside the broader basket even when PLX-specific fundamentals are unchanged. Short-premium structures like a iron condor on PLX carry tail risk when realized volatility exceeds the implied move; review historical PLX earnings reactions and macro stress periods before sizing. Always rebuild the position from current PLX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PLX?
- A iron condor on PLX is the iron condor strategy applied to PLX (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 PLX stock at $2.24 on the most recent close, the strikes shown on this page are snapped to the nearest listed PLX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PLX 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 PLX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 34.80%), 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 PLX iron condor?
- The breakeven for the PLX 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 PLX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.98%; 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 PLX?
- Iron condors on PLX are a delta-neutral premium-collection structure that profits if PLX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PLX implied volatility affect this iron condor?
- PLX ATM IV is at 34.80% with IV rank near 6.28%, 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.