SVRA Iron Condor Strategy
SVRA (Savara Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Savara Inc. is a biopharmaceutical firm in the clinical development phase, specializing in therapies for uncommon respiratory conditions. Their primary investigational drug, molgramostim, is an inhaled form of granulocyte-macrophage colony-stimulating factor (GM-CSF). This compound is currently undergoing Phase III trials to address autoimmune pulmonary alveolar proteinosis. The company's main operations are situated in Austin, Texas.
SVRA (Savara Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.21B, a beta of 0.27 versus the broader market, a 52-week range of 1.98-7.005, average daily share volume of 1.5M, a public-listing history dating back to 2017, approximately 59 full-time employees. These structural characteristics shape how SVRA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.27 indicates SVRA 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 SVRA?
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 SVRA snapshot
As of June 29, 2026, spot at $5.98, ATM IV 179.20%, IV rank 34.95%, expected move 51.38%. The iron condor on SVRA 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 18-day expiry.
Why this iron condor structure on SVRA specifically: SVRA IV at 179.20% is mid-range versus its 1-year history, so the credit collected on a SVRA iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 51.38% (roughly $3.07 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SVRA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SVRA should anchor to the underlying notional of $5.98 per share and to the trader's directional view on SVRA stock.
SVRA iron condor setup
The SVRA 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 SVRA near $5.98, the first option leg uses a $6.28 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SVRA chain at a 18-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 SVRA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $6.28 | N/A |
| Buy 1 | Call | $6.58 | N/A |
| Sell 1 | Put | $5.68 | N/A |
| Buy 1 | Put | $5.38 | N/A |
SVRA 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.
SVRA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SVRA. 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 SVRA
Iron condors on SVRA are a delta-neutral premium-collection structure that profits if SVRA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SVRA thesis for this iron condor
The market-implied 1-standard-deviation range for SVRA extends from approximately $2.91 on the downside to $9.05 on the upside. A SVRA iron condor is a delta-neutral premium-collection structure that pays off when SVRA 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 SVRA IV rank near 34.95% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on SVRA should anchor more to the directional view and the expected-move geometry. As a Healthcare name, SVRA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SVRA-specific events.
SVRA 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. SVRA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SVRA alongside the broader basket even when SVRA-specific fundamentals are unchanged. Short-premium structures like a iron condor on SVRA carry tail risk when realized volatility exceeds the implied move; review historical SVRA earnings reactions and macro stress periods before sizing. Always rebuild the position from current SVRA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SVRA?
- A iron condor on SVRA is the iron condor strategy applied to SVRA (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 SVRA stock trading near $5.98, the strikes shown on this page are snapped to the nearest listed SVRA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SVRA 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 SVRA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 179.20%), 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 SVRA iron condor?
- The breakeven for the SVRA 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 SVRA market-implied 1-standard-deviation expected move is approximately 51.38%; 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 SVRA?
- Iron condors on SVRA are a delta-neutral premium-collection structure that profits if SVRA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SVRA implied volatility affect this iron condor?
- SVRA ATM IV is at 179.20% with IV rank near 34.95%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.