ZYME Iron Condor Strategy
ZYME (Zymeworks Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Zymeworks Inc. is a biopharmaceutical firm in the clinical development phase, dedicated to identifying, advancing, and bringing to market biological therapies aimed at combating cancer. Its pipeline features two primary experimental treatments: zanidatamab, a cutting-edge bispecific antibody currently undergoing Phase 1 and Phase 2 studies for various malignancies such as those affecting the biliary tract, gastroesophageal region (adenocarcinomas), breast, and colon; and ZW49, an antibody-drug conjugate targeting two sites on the human epidermal growth factor receptor 2 (HER2), which is in Phase 1 trials for advanced or spreading tumors that express HER2. Zymeworks maintains significant alliances with several pharmaceutical leaders, including Merck Sharp & Dohme Research Ltd., Eli Lilly and Company, Bristol-Myers Squibb company, GlaxoSmithKline Intellectual Property Development Ltd., Daiichi Sankyo Co., Ltd., Janssen Biotech, Inc., BeiGene, Ltd., and Exelixis, Inc. Furthermore, it engages in cooperative research and licensing agreements with LEO Pharma A/S, specifically for the exploration, advancement, and market introduction of bispecific antibodies, and with Iconic Therapeutics, Inc. Established in 2003, Zymeworks Inc. operates from its headquarters located in Vancouver, Canada.
ZYME (Zymeworks Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.78B, a beta of 1.14 versus the broader market, a 52-week range of 11.51-29.75, average daily share volume of 656K, a public-listing history dating back to 2017, approximately 299 full-time employees. These structural characteristics shape how ZYME stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.14 places ZYME 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 ZYME?
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 ZYME snapshot
As of June 30, 2026, spot at $26.34, ATM IV 86.40%, IV rank 21.31%, expected move 24.77%. The iron condor on ZYME 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 17-day expiry.
Why this iron condor structure on ZYME specifically: ZYME IV at 86.40% is on the cheap side of its 1-year range, which means a premium-selling ZYME iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 24.77% (roughly $6.52 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ZYME expiries trade a higher absolute premium for lower per-day decay. Position sizing on ZYME should anchor to the underlying notional of $26.34 per share and to the trader's directional view on ZYME stock.
ZYME iron condor setup
The ZYME 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 ZYME near $26.34, the first option leg uses a $27.66 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ZYME chain at a 17-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 ZYME shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $27.66 | N/A |
| Buy 1 | Call | $28.97 | N/A |
| Sell 1 | Put | $25.02 | N/A |
| Buy 1 | Put | $23.71 | N/A |
ZYME 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.
ZYME iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ZYME. 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 ZYME
Iron condors on ZYME are a delta-neutral premium-collection structure that profits if ZYME stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ZYME thesis for this iron condor
The market-implied 1-standard-deviation range for ZYME extends from approximately $19.82 on the downside to $32.86 on the upside. A ZYME iron condor is a delta-neutral premium-collection structure that pays off when ZYME 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 ZYME IV rank near 21.31% 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 ZYME at 86.40%. As a Healthcare name, ZYME options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ZYME-specific events.
ZYME 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. ZYME positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ZYME alongside the broader basket even when ZYME-specific fundamentals are unchanged. Short-premium structures like a iron condor on ZYME carry tail risk when realized volatility exceeds the implied move; review historical ZYME earnings reactions and macro stress periods before sizing. Always rebuild the position from current ZYME chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ZYME?
- A iron condor on ZYME is the iron condor strategy applied to ZYME (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 ZYME stock trading near $26.34, the strikes shown on this page are snapped to the nearest listed ZYME chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ZYME 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 ZYME iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 86.40%), 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 ZYME iron condor?
- The breakeven for the ZYME 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 ZYME market-implied 1-standard-deviation expected move is approximately 24.77%; 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 ZYME?
- Iron condors on ZYME are a delta-neutral premium-collection structure that profits if ZYME stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ZYME implied volatility affect this iron condor?
- ZYME ATM IV is at 86.40% with IV rank near 21.31%, 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.