Bearish flow noted in Novavax with 2,169 puts trading, or 1.5x expected. Most active are Jan-24 5 puts and Jan-24 4.5 puts, with total volume in those strikes near 900 contracts. The Put/Call Ratio is 1.74, while ATM IV is up over 3 points on the day. Earnings are expected on February 27th.
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