VYGR Iron Condor Strategy
VYGR (Voyager Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Voyager Therapeutics, Inc., a gene therapy company, focuses on the development of treatments and next-generation platform technologies. The company's lead clinical candidate is the VY-AADC, which is in open-label Phase 1 clinical trial for the treatment of Parkinson's disease. Its preclinical programs comprise VY-SOD102 for the treatment of amyotrophic lateral sclerosis; VY-HTT01 for Huntington's disease; VY-FXN01 for Friedreich's ataxia; and Tau program for the treatment of tauopathies, including Alzheimer's disease, progressive supranuclear palsy, and frontotemporal dementia, as well as for spinal muscular atrophy. The company has collaboration and license agreements with Neurocrine Biosciences, Inc., Pfizer Inc., and Novartis Pharma, A.G. for the research, development, and commercialization of adeno-associated virus gene therapy products. Voyager Therapeutics, Inc. was incorporated in 2013 and is headquartered in Cambridge, Massachusetts.
VYGR (Voyager Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $250.7M, a beta of 1.26 versus the broader market, a 52-week range of 2.65-5.55, average daily share volume of 663K, a public-listing history dating back to 2015, approximately 172 full-time employees. These structural characteristics shape how VYGR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.26 places VYGR 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 VYGR?
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 VYGR snapshot
As of May 15, 2026, spot at $3.81, ATM IV 135.50%, IV rank 27.24%, expected move 38.85%. The iron condor on VYGR 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 VYGR specifically: VYGR IV at 135.50% is on the cheap side of its 1-year range, which means a premium-selling VYGR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 38.85% (roughly $1.48 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 VYGR expiries trade a higher absolute premium for lower per-day decay. Position sizing on VYGR should anchor to the underlying notional of $3.81 per share and to the trader's directional view on VYGR stock.
VYGR iron condor setup
The VYGR 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 VYGR near $3.81, the first option leg uses a $4.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VYGR 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 VYGR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $4.00 | N/A |
| Buy 1 | Call | $4.19 | N/A |
| Sell 1 | Put | $3.62 | N/A |
| Buy 1 | Put | $3.43 | N/A |
VYGR 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.
VYGR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on VYGR. 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 VYGR
Iron condors on VYGR are a delta-neutral premium-collection structure that profits if VYGR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
VYGR thesis for this iron condor
The market-implied 1-standard-deviation range for VYGR extends from approximately $2.33 on the downside to $5.29 on the upside. A VYGR iron condor is a delta-neutral premium-collection structure that pays off when VYGR 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 VYGR IV rank near 27.24% 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 VYGR at 135.50%. As a Healthcare name, VYGR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VYGR-specific events.
VYGR 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. VYGR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VYGR alongside the broader basket even when VYGR-specific fundamentals are unchanged. Short-premium structures like a iron condor on VYGR carry tail risk when realized volatility exceeds the implied move; review historical VYGR earnings reactions and macro stress periods before sizing. Always rebuild the position from current VYGR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on VYGR?
- A iron condor on VYGR is the iron condor strategy applied to VYGR (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 VYGR stock trading near $3.81, the strikes shown on this page are snapped to the nearest listed VYGR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VYGR 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 VYGR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 135.50%), 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 VYGR iron condor?
- The breakeven for the VYGR iron condor priced on this page is no defined breakeven on the modeled curve 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 VYGR market-implied 1-standard-deviation expected move is approximately 38.85%; 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 VYGR?
- Iron condors on VYGR are a delta-neutral premium-collection structure that profits if VYGR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current VYGR implied volatility affect this iron condor?
- VYGR ATM IV is at 135.50% with IV rank near 27.24%, 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.