Bearish flow noted in Novavax (NVAX) with 1,514 puts trading, or 1.4x expected. Most active are Dec-27 2 puts and 5/9 weekly 5.5 puts, with total volume in those strikes near 1,400 contracts. The Put/Call Ratio is 2.59, while ATM IV is up nearly 27 points on the day. Earnings are expected on May 8th.
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