Novavax put volume heavy and directionally bearish

Bearish flow noted in Novavax with 11,390 puts trading, or 2x expected. Most active are 2/3 weekly 8.5 puts and Jul-23 17.5 puts, with total volume in those strikes near 6,300 contracts. The Put/Call Ratio is 1.53, while ATM IV is up over 5 points on the day. Earnings are expected on February 27th.