Moderna Stock Reverses Losses After 2-Year Bottom

The company's Covid vaccine sales forecast is giving the stock a boost

Deputy Editor
Aug 3, 2023 at 10:35 AM
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Moderna Inc (NASDAQ:MRNA) stock is currently enjoying a modest post-earnings pop, reversing its losses after earlier dropping to a two-year low of $108.26. At last glance, the shares were up 3.4% at $113.95. Year-to-date, the equity is down 36.8%. 

The biotech posted narrower-than-expected second-quarter losses of $3.62 per share alongside a revenue beat. In focus, however, is the company's strong sales outlook for its covid vaccine, its only marketable product. 

So far, 11,000 calls and 13,000 puts have crossed the tape, which is three times the options volume typically seen at this point. The weekly 8/4 35-strike put is the most active contract, with new positions being sold to open there. 

Options bears have been targeting MRNA at a faster-than-usual rate of late. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 1.35 puts have been bought for every call in the last 10 weeks. This ratio ranks higher than 95% of readings from the past year. 

It's also worth noting that Moderna stock's 14-day relative strength index (RSI) of 17.8 sits firmly in "oversold" territory, indicating a short-term bounce could be in the cards. 

 

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