TVRD Iron Condor Strategy
TVRD (Tvardi Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Tvardi Therapeutics, Inc., a clinical-stage biopharmaceutical company, engages in the development of novel, oral, and small molecule therapies targeting signal transducer and activator of transcription 3 (STAT3) to treat inflammatory and proliferative diseases with significant unmet need in the United States. The company's lead product candidates include TTI-101, which is in Phase 1b/2 clinical development stage for fibrosis-driven diseases with an initial focus on idiopathic pulmonary fibrosis (IPF), and hepatocellular carcinoma (HCC); and TTI-109, an oral, small molecule STAT3 inhibitor which is in Phase-1 clinical trial stage. Tvardi Therapeutics, Inc. was founded in 2017 and is based in Sugar Land, Texas.
TVRD (Tvardi Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $16.6M, a beta of 0.39 versus the broader market, a 52-week range of 1.5-43.65, average daily share volume of 2.2M, a public-listing history dating back to 2014, approximately 12 full-time employees. These structural characteristics shape how TVRD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.39 indicates TVRD 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 TVRD?
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.
TVRD snapshot
As of August 14, 2026, spot at $1.87, ATM IV 157.70%, IV rank 39.44%, expected move 45.21%. The iron condor on TVRD 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 TVRD specifically: TVRD IV at 157.70% is mid-range versus its 1-year history, so the credit collected on a TVRD iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 45.21% (roughly $0.85 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 TVRD expiries trade a higher absolute premium for lower per-day decay. Position sizing on TVRD should anchor to the underlying notional of $1.87 per share and to the trader's directional view on TVRD stock.
TVRD iron condor setup
The TVRD 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 TVRD at $1.87 on that close, the first option leg uses a $1.96 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TVRD 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 TVRD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1.96 | N/A |
| Buy 1 | Call | $2.06 | N/A |
| Sell 1 | Put | $1.78 | N/A |
| Buy 1 | Put | $1.68 | N/A |
TVRD 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.
TVRD iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TVRD. 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 TVRD
Iron condors on TVRD are a delta-neutral premium-collection structure that profits if TVRD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TVRD thesis for this iron condor
The market-implied 1-standard-deviation range for TVRD extends from approximately $1.02 on the downside to $2.72 on the upside. A TVRD iron condor is a delta-neutral premium-collection structure that pays off when TVRD 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 TVRD IV rank near 39.44% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on TVRD should anchor more to the directional view and the expected-move geometry. As a Healthcare name, TVRD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TVRD-specific events.
TVRD 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. TVRD positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TVRD alongside the broader basket even when TVRD-specific fundamentals are unchanged. Short-premium structures like a iron condor on TVRD carry tail risk when realized volatility exceeds the implied move; review historical TVRD earnings reactions and macro stress periods before sizing. Always rebuild the position from current TVRD chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TVRD?
- A iron condor on TVRD is the iron condor strategy applied to TVRD (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 TVRD stock at $1.87 on the most recent close, the strikes shown on this page are snapped to the nearest listed TVRD chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are TVRD 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 TVRD iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 157.70%), 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 TVRD iron condor?
- The breakeven for the TVRD 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 TVRD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 45.21%; 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 TVRD?
- Iron condors on TVRD are a delta-neutral premium-collection structure that profits if TVRD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TVRD implied volatility affect this iron condor?
- TVRD ATM IV is at 157.70% with IV rank near 39.44%, 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.