Options traders are chiming in on the results
Novavax Inc (NASDAQ:NVAX) missed top- and bottom-line estimates for the fourth quarter. The company noted its plans to cut costs, and still narrowed losses from the fourth quarter despite slowing Covid-19 vaccine demand. NVAX is down 26.3% to trade at $4.43 at last check.
The shares have struggled to stay above penny stock territory, while their 200-day moving average has acted as long-term pressure. If these losses hold, NVAX could mark its worst daily percentage loss since December 2022. In the past 12 months, the security dropped over 52%.
Options traders are chiming in, with 26,000 calls and 11,000 puts exchanged so far, which is seven times the intraday average volume. Most active is the weekly 3/1 4-strike put, with new positions opening there.
The security's 50-day call/put volume ratio of 3.96 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than 86% of readings from the past year. This suggests options traders have been more bullish than usual in the last 10 weeks.