VOR Iron Condor Strategy
VOR (Vor Biopharma Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Vor Biopharma, Inc. is a clinical-stage biotechnology firm dedicated to developing innovative engineered hematopoietic stem cell (eHSC) therapies for individuals battling cancer. Its lead product candidate, VOR33, is an eHSC therapy currently undergoing Phase 1/2 clinical trials. VOR33 is designed to target acute myeloid leukemia (AML) and various other hematological malignancies. A key feature of VOR33's eHSCs is their engineered absence of the CD33 protein, which is commonly found on AML blood cancer cells. The company's eHSC platform is intended to enable a range of targeted blood cancer treatments, including CAR-T cell therapies, bispecific antibodies, and antibody-drug conjugates. Vor Biopharma has established a partnership with Akron BioProducts for the development and manufacturing of cGMP nucleases.
VOR (Vor Biopharma Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.21B, a trailing P/E of 1.93, a beta of 1.72 versus the broader market, a 52-week range of 6.5-50.2, average daily share volume of 1.2M, a public-listing history dating back to 2021, approximately 76 full-time employees. These structural characteristics shape how VOR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.72 indicates VOR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 1.93 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a iron condor on VOR?
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.
VOR snapshot
As of August 14, 2026, spot at $23.09, ATM IV 98.40%, IV rank 31.30%, expected move 28.21%. The iron condor on VOR 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 VOR specifically: VOR IV at 98.40% is mid-range versus its 1-year history, so the credit collected on a VOR iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 28.21% (roughly $6.51 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 VOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on VOR should anchor to the underlying notional of $23.09 per share and to the trader's directional view on VOR stock.
VOR iron condor setup
The VOR 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 VOR at $23.09 on that close, the first option leg uses a $24.24 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VOR 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 VOR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $24.24 | N/A |
| Buy 1 | Call | $25.40 | N/A |
| Sell 1 | Put | $21.94 | N/A |
| Buy 1 | Put | $20.78 | N/A |
VOR 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.
VOR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on VOR. 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 VOR
Iron condors on VOR are a delta-neutral premium-collection structure that profits if VOR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
VOR thesis for this iron condor
The market-implied 1-standard-deviation range for VOR extends from approximately $16.58 on the downside to $29.60 on the upside. A VOR iron condor is a delta-neutral premium-collection structure that pays off when VOR 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 VOR IV rank near 31.30% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on VOR should anchor more to the directional view and the expected-move geometry. As a Healthcare name, VOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VOR-specific events.
VOR 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. VOR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VOR alongside the broader basket even when VOR-specific fundamentals are unchanged. Short-premium structures like a iron condor on VOR carry tail risk when realized volatility exceeds the implied move; review historical VOR earnings reactions and macro stress periods before sizing. Always rebuild the position from current VOR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on VOR?
- A iron condor on VOR is the iron condor strategy applied to VOR (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 VOR stock at $23.09 on the most recent close, the strikes shown on this page are snapped to the nearest listed VOR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are VOR 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 VOR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 98.40%), 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 VOR iron condor?
- The breakeven for the VOR 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 VOR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.21%; 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 VOR?
- Iron condors on VOR are a delta-neutral premium-collection structure that profits if VOR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current VOR implied volatility affect this iron condor?
- VOR ATM IV is at 98.40% with IV rank near 31.30%, 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.