TNGX Iron Condor Strategy
TNGX (Tango Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Tango Therapeutics, Inc. is a biotechnology firm dedicated to the research and development of innovative cancer treatments. Their primary therapeutic candidate, TNG908, is a synthetic lethal small molecule designed to inhibit protein arginine methyltransferase 5 (PRMT5). This compound is currently being advanced as a potential therapy for cancers characterized by methylthioadenosine phosphorylase (MTAP) deletions. Additionally, their pipeline includes an Ubiquitin-specific protease 1 (USP1) inhibitor targeting BRCA1 or BRCA2-mutant cancers, and a program known as 'Target 3' which addresses STK11-mutant cancers. Tango Therapeutics maintains a strategic alliance with Gilead Sciences, Inc., focused on the identification, advancement, and commercialization of a diverse array of cancer therapies. Established in 2017, the company's operations are headquartered in Cambridge, Massachusetts.
TNGX (Tango Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $4.16B, a beta of 1.13 versus the broader market, a 52-week range of 6.25-34.39, average daily share volume of 3.7M, a public-listing history dating back to 2020, approximately 137 full-time employees. These structural characteristics shape how TNGX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.13 places TNGX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on TNGX?
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.
TNGX snapshot
As of August 14, 2026, spot at $25.40, ATM IV 81.90%, IV rank 16.13%, expected move 23.48%. The iron condor on TNGX below is built from the August 14, 2026 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 TNGX specifically: TNGX IV at 81.90% is on the cheap side of its 1-year range, which means a premium-selling TNGX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 23.48% (roughly $5.96 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 TNGX expiries trade a higher absolute premium for lower per-day decay. Position sizing on TNGX should anchor to the underlying notional of $25.40 per share and to the trader's directional view on TNGX stock.
TNGX iron condor setup
The TNGX iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TNGX at $25.40 on that close, the first option leg uses a $27.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TNGX 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 TNGX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $27.00 | $1.78 |
| Buy 1 | Call | $28.00 | $2.38 |
| Sell 1 | Put | $24.00 | $2.43 |
| Buy 1 | Put | $23.00 | $1.68 |
TNGX iron condor risk and reward
- Net Premium / Debit
- +$15.00
- Max Profit (per contract)
- $15.00
- Max Loss (per contract)
- -$85.00
- Breakeven(s)
- $23.85, $27.15
- Risk / Reward Ratio
- 0.176
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.
TNGX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TNGX. 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% | -$85.00 |
| $5.62 | -77.9% | -$85.00 |
| $11.24 | -55.7% | -$85.00 |
| $16.85 | -33.6% | -$85.00 |
| $22.47 | -11.5% | -$85.00 |
| $28.08 | +10.6% | -$85.00 |
| $33.70 | +32.7% | -$85.00 |
| $39.31 | +54.8% | -$85.00 |
| $44.93 | +76.9% | -$85.00 |
| $50.54 | +99.0% | -$85.00 |
When traders use iron condor on TNGX
Iron condors on TNGX are a delta-neutral premium-collection structure that profits if TNGX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TNGX thesis for this iron condor
The market-implied 1-standard-deviation range for TNGX extends from approximately $19.44 on the downside to $31.36 on the upside. A TNGX iron condor is a delta-neutral premium-collection structure that pays off when TNGX 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 TNGX IV rank near 16.13% 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 TNGX at 81.90%. As a Healthcare name, TNGX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TNGX-specific events.
TNGX 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. TNGX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TNGX alongside the broader basket even when TNGX-specific fundamentals are unchanged. Short-premium structures like a iron condor on TNGX carry tail risk when realized volatility exceeds the implied move; review historical TNGX earnings reactions and macro stress periods before sizing. Always rebuild the position from current TNGX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TNGX?
- A iron condor on TNGX is the iron condor strategy applied to TNGX (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 TNGX stock at $25.40 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed TNGX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are TNGX 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 TNGX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 81.90%), the computed maximum profit is $15.00 per contract and the computed maximum loss is -$85.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TNGX iron condor?
- The breakeven for the TNGX iron condor priced on this page is roughly $23.85 and $27.15 at expiration, derived from the August 14, 2026 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 TNGX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.48%; 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 TNGX?
- Iron condors on TNGX are a delta-neutral premium-collection structure that profits if TNGX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TNGX implied volatility affect this iron condor?
- TNGX ATM IV is at 81.90% with IV rank near 16.13%, 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.