Novavax put volume heavy and directionally bearish

Bearish flow noted in Novavax (NVAX) with 6,544 puts trading, or 7x expected. Most active are 4/4 weekly 6 puts and 4/4 weekly 5 puts, with total volume in those strikes near 4,400 contracts. The Put/Call Ratio is 2.59, while ATM IV is up nearly 81 points on the day. Earnings are expected on May 9th.

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