URGN Iron Condor Strategy
URGN (UroGen Pharma Ltd.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
UroGen Pharma Ltd., a biotechnology company, engages in the development and commercialization of solutions for urothelial and specialty cancers. It offers RTGel, a novel proprietary polymeric biocompatible, reverse thermal gelation hydrogel technology; Mitomycin a generic drug used off-label as an adjuvant chemotherapy for the treatment of low-grade NMIBC after trans-urethral resection of bladder tumor; Zusduri, a sustained-release formulation of mitomycin for the treatment of non-muscle invasive bladder cancer (NMIBC); and Jelmyto for pyelocalyceal solutions. The company’s lead product candidates are UGN-103, which is in phase 3 of clinical trial for intravesical solution; and UGN-104 that is in phase 3 of clinical trial for pyelocalyceal solution designed for the treatment of several forms of non-muscle invasive urothelial cancer that include low-grade upper tract urothelial cancer and low-grade intermediate risk NMIBC. It is also developing UGN-301, UGN-301+UGN 201, and UGN-301+gemcitabine that are in phase 1 of clinical trial for the treatment of high-grade NMIBC. The company has license agreement with Agenus Inc. to develop, make, use, sell, import, and commercialize products of Agenus for the treatment of cancers of the urinary tract via intravesical delivery; and licensing and supply agreement with medac Gesellschaft für klinische Spezialpräparate m.b.H. to develop UGN-103 and UGN-104. UroGen Pharma Ltd. was incorporated in 2004 and is headquartered in Princeton, New Jersey.
URGN (UroGen Pharma Ltd.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.68B, a beta of 1.62 versus the broader market, a 52-week range of 12.73-36.08, average daily share volume of 798K, a public-listing history dating back to 2017, approximately 291 full-time employees. These structural characteristics shape how URGN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.62 indicates URGN 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 URGN?
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 URGN snapshot
As of June 29, 2026, spot at $36.60, ATM IV 77.50%, IV rank 33.68%, expected move 22.22%. The iron condor on URGN 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 URGN specifically: URGN IV at 77.50% is mid-range versus its 1-year history, so the credit collected on a URGN iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 22.22% (roughly $8.13 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 URGN expiries trade a higher absolute premium for lower per-day decay. Position sizing on URGN should anchor to the underlying notional of $36.60 per share and to the trader's directional view on URGN stock.
URGN iron condor setup
The URGN 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 URGN near $36.60, the first option leg uses a $38.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed URGN 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 URGN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $38.00 | $1.28 |
| Buy 1 | Call | $40.00 | $0.83 |
| Sell 1 | Put | $35.00 | $2.65 |
| Buy 1 | Put | $33.00 | $1.58 |
URGN iron condor risk and reward
- Net Premium / Debit
- +$152.50
- Max Profit (per contract)
- $152.50
- Max Loss (per contract)
- -$47.50
- Breakeven(s)
- $33.48, $39.53
- Risk / Reward Ratio
- 3.211
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.
URGN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on URGN. 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% | -$47.50 |
| $8.10 | -77.9% | -$47.50 |
| $16.19 | -55.8% | -$47.50 |
| $24.28 | -33.7% | -$47.50 |
| $32.38 | -11.5% | -$47.50 |
| $40.47 | +10.6% | -$47.50 |
| $48.56 | +32.7% | -$47.50 |
| $56.65 | +54.8% | -$47.50 |
| $64.74 | +76.9% | -$47.50 |
| $72.83 | +99.0% | -$47.50 |
When traders use iron condor on URGN
Iron condors on URGN are a delta-neutral premium-collection structure that profits if URGN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
URGN thesis for this iron condor
The market-implied 1-standard-deviation range for URGN extends from approximately $28.47 on the downside to $44.73 on the upside. A URGN iron condor is a delta-neutral premium-collection structure that pays off when URGN 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 URGN IV rank near 33.68% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on URGN should anchor more to the directional view and the expected-move geometry. As a Healthcare name, URGN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to URGN-specific events.
URGN 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. URGN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move URGN alongside the broader basket even when URGN-specific fundamentals are unchanged. Short-premium structures like a iron condor on URGN carry tail risk when realized volatility exceeds the implied move; review historical URGN earnings reactions and macro stress periods before sizing. Always rebuild the position from current URGN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on URGN?
- A iron condor on URGN is the iron condor strategy applied to URGN (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 URGN stock trading near $36.60, the strikes shown on this page are snapped to the nearest listed URGN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are URGN 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 URGN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 77.50%), the computed maximum profit is $152.50 per contract and the computed maximum loss is -$47.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a URGN iron condor?
- The breakeven for the URGN iron condor priced on this page is roughly $33.48 and $39.53 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 URGN market-implied 1-standard-deviation expected move is approximately 22.22%; 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 URGN?
- Iron condors on URGN are a delta-neutral premium-collection structure that profits if URGN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current URGN implied volatility affect this iron condor?
- URGN ATM IV is at 77.50% with IV rank near 33.68%, 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.