🎯$Inhibrx Biosciences(INBX) Options Strategy : Call Ratio Spread

(Underlying): $Inhibrx Biosciences(INBX)$

(View): Bullish with high conviction for continued upside, but cognizant of extreme overbought conditions and high volatility. Expecting a move towards $155-$180, but with potential for sharp pullbacks.

(Strategy Type): Debit Spread / Directional with Volatility Hedge

(Option Contract Portfolio):

• Buy 1x INBX Jun 18, 2026 $115 Call

• Sell 2x INBX Jun 18, 2026 $155 Call

(Max Gain & Loss):

• Max Gain: Unlimited above the short strike ($155) minus the net debit. Profit peaks if stock expires at $155.

• Max Loss: Limited to the initial net debit paid.

(Initial Cost/Credit): Net Debit (~$5.00 estimated based on mid-prices: Buy $115C @ $25.00, Sell 2x $155C @ $10.025 each = $20.05 credit. Net Debit = $25.00 - $20.05 = $4.95).

(Greek Exposure) :

• Delta: Positive (~0.25). Benefits from upward movement to the $155 area.

• Theta: Positive (~0.03). Profits from time decay, especially if the stock stalls.

• Vega: Negative (~-0.01). Benefits from a decrease in implied volatility (IV crush), which is likely after the news-driven spike.

• Gamma: Negative near short strikes. Delta increases slowly as price rises to $155, then decreases above it.

• Rho: Low positive.

(Rationale): This strategy is ideal for a high-volatility, directionally bullish but overbought scenario. It offers a low-cost entry to participate in further upside towards the key $155 resistance. The positive Theta helps offset time decay on the long leg. The negative Vega provides a hedge against an IV collapse, which is a significant risk given the current IV percentile of 69.32% and the event-driven nature of the rally. The risk is capped to the initial debit. The ratio structure (selling more calls than buying) creates a profit zone that aligns with the expected move to $155, beyond which profits are capped but losses are not unlimited due to the long call.

(Time Frame): Short to Medium Term (Until Jun 18, 2026 expiry)

(Expecting continued momentum but with high IV and overbought RSI suggesting potential for consolidation/pullback).

Strategy Type: Debit Spread / Directional Bullish

Option Contract Portfolio:

• Buy 1 NVTS 19 May 2026 $18.00 Call

• Sell 1 NVTS 19 May 2026 $22.00 Call

Max Gain & Loss: Max Gain = $4.00 - Net Debit; Max Loss = Net Debit.

Initial Cost/Credit: Debit ~$1.60 (Estimated from chain: Long ~$2.10, Short ~$0.50).

Greek Exposure (Simulated):

• Delta: +0.35 (Moderate Positive)

• Theta: -0.04 (Slight Negative, but lower than outright long call)

• Vega: +0.01 (Slight Positive)

• Gamma: +0.07 (Moderate)

• Rho: +0.001 (Low)

Rationale: This strategy is optimal for a "cautiously bullish" view with extreme IV (>160%). It provides defined risk and lower upfront cost than an outright long call. The long call captures upside if the breakout continues above $18.67, while the short call at $22.00 (near a psychological resistance) finances the trade and reduces negative Theta and positive Vega exposure, making the position less sensitive to a potential IV crush from consolidation. Profit is realized if NVTS is above ~$19.60 at expiration.

Time Frame: Short-Term (Expiry ~4 weeks)