Philips Stock Sinks Amid FDA Accusations

PHG is set to open at multi-month lows

Deputy Editor
Oct 6, 2023 at 9:04 AM
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The shares of Koninklijke Philips NV (NYSE:PHG) are plummeting in premarket trading this morning, as the Dutch healthcare tech company comes under fire from the U.S. Food and Drug Administration (FDA). The FDA accused Koninklijke Philips of mishandling its 2021 sleep apnea recall, and said the continuous positive airway pressure (CPAP) devices needed more testing.

PHG is down roughly 9% ahead of the session's start, looking to take a chunk out of its 34.5% year-to-date lead.  The equity is poised to open below $18 at its lowest level since mid-April, breaching long-term support at its 200-day moving average.

The gap lower is more aligned with analyst sentiment. Coming into today, just one recommended a "strong buy," while four rated PHG a "hold" or worse. 

For those looking to make a bet on  Koninklijke Philips stock, options are affordable right now.  The shares' Schaeffer's Volatility Index (SVI) of 36% is higher than just 18% of all other readings from the past year, suggesting near-term option contracts are attractively priced at the moment, from a historical volatility standpoint.

What's more, the security's Schaeffer's Volatility Scorecard (SVS), which sits at an elevated 86 out of 100, suggesting it exceeded option traders' volatility expectations during the past year. 

 

 

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