SYRE Iron Condor Strategy
SYRE (Spyre Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Spyre Therapeutics, Inc., a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease). The company is also developing SPY002, a human monoclonal antibody (mAb)candidates designed to bind to tumor necrosis factor-like ligand 1A; and SPY120, a combination of SPY001 (anti-a4ß7) and SPY002 (anti-TL1A) antibodies, which are in preclinical studies. In addition, its other early-stage programs include SPY003, an anti-IL-23 mAb; SPY004, a novel mechanism of action (MOA) mAb; SPY130, a combination of anti-a4ß7 and anti-IL-23 mAbs; and SPY230, a combination of anti-TL1A and anti-IL-23 mAbs. The company was formerly known as Aeglea BioTherapeutics, Inc. and changed its name to Spyre Therapeutics, Inc. in November 2023. Spyre Therapeutics, Inc. was incorporated in 2013 and is based in Waltham, Massachusetts.
SYRE (Spyre Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $4.61B, a beta of 3.13 versus the broader market, a 52-week range of 13.93-78.8, average daily share volume of 1.1M, a public-listing history dating back to 2016, approximately 73 full-time employees. These structural characteristics shape how SYRE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.13 indicates SYRE has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on SYRE?
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 SYRE snapshot
As of May 15, 2026, spot at $74.25, ATM IV 70.90%, IV rank 8.69%, expected move 20.33%. The iron condor on SYRE 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 SYRE specifically: SYRE IV at 70.90% is on the cheap side of its 1-year range, which means a premium-selling SYRE iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.33% (roughly $15.09 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 SYRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on SYRE should anchor to the underlying notional of $74.25 per share and to the trader's directional view on SYRE stock.
SYRE iron condor setup
The SYRE 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 SYRE near $74.25, the first option leg uses a $80.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SYRE 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 SYRE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $80.00 | $4.28 |
| Buy 1 | Call | $80.00 | $4.28 |
| Sell 1 | Put | $70.00 | $4.35 |
| Buy 1 | Put | $65.00 | $2.70 |
SYRE iron condor risk and reward
- Net Premium / Debit
- +$165.00
- Max Profit (per contract)
- $165.00
- Max Loss (per contract)
- -$335.00
- Breakeven(s)
- $68.35
- Risk / Reward Ratio
- 0.493
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.
SYRE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SYRE. 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 | -100.0% | -$335.00 |
| $16.43 | -77.9% | -$335.00 |
| $32.84 | -55.8% | -$335.00 |
| $49.26 | -33.7% | -$335.00 |
| $65.67 | -11.6% | -$267.61 |
| $82.09 | +10.6% | +$165.00 |
| $98.51 | +32.7% | +$165.00 |
| $114.92 | +54.8% | +$165.00 |
| $131.34 | +76.9% | +$165.00 |
| $147.75 | +99.0% | +$165.00 |
When traders use iron condor on SYRE
Iron condors on SYRE are a delta-neutral premium-collection structure that profits if SYRE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SYRE thesis for this iron condor
The market-implied 1-standard-deviation range for SYRE extends from approximately $59.16 on the downside to $89.34 on the upside. A SYRE iron condor is a delta-neutral premium-collection structure that pays off when SYRE 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 SYRE IV rank near 8.69% 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 SYRE at 70.90%. As a Healthcare name, SYRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SYRE-specific events.
SYRE 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. SYRE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SYRE alongside the broader basket even when SYRE-specific fundamentals are unchanged. Short-premium structures like a iron condor on SYRE carry tail risk when realized volatility exceeds the implied move; review historical SYRE earnings reactions and macro stress periods before sizing. Always rebuild the position from current SYRE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SYRE?
- A iron condor on SYRE is the iron condor strategy applied to SYRE (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 SYRE stock trading near $74.25, the strikes shown on this page are snapped to the nearest listed SYRE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SYRE 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 SYRE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 70.90%), the computed maximum profit is $165.00 per contract and the computed maximum loss is -$335.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SYRE iron condor?
- The breakeven for the SYRE iron condor priced on this page is roughly $68.35 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 SYRE market-implied 1-standard-deviation expected move is approximately 20.33%; 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 SYRE?
- Iron condors on SYRE are a delta-neutral premium-collection structure that profits if SYRE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SYRE implied volatility affect this iron condor?
- SYRE ATM IV is at 70.90% with IV rank near 8.69%, 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.