The drugmaker is facing problems in the U.S. and abroad
Moderna Inc (NASDAQ:MRNA) stock is freefalling this morning, last seen down 15.2% to trade at $95.48 and pacing for its worst day since November 2021 after the company’s second-quarter financial results.
The drugmaker reported revenue and losses that beat Wall Street’s estimates, but also lowered its full-year sales guidance due to problems stateside and abroad. Specifically, Moderna is facing increased competition for respiratory vaccines in the U.S. and lower sales in Europe, with the potential for deferred international revenue.
Options bears are attacking MRNA following the results, with 32,000 puts and 21,000 puts traded so far — overall volume that is six times the intraday average. The weekly 8/2 90-strike put is by far the most popular contract, where new positions are currently being sold to open.
This is in line with recent sentiment, as short-term options traders lean bearish. This is per Moderna stock’s Schaeffer’s put/call open interest ratio (SOIR) of 1.02 that stands in the 98th percentile of readings from the last 12 months.
Analysts are yet to chime in, but 13 of the 22 in coverage still call the equity a “hold” or worse. Plus, the 22.74 million share sold short still make up 6.6% of MRNA’s available float.
Moderna stock is still up 2.4% this year, and sports a 7.6% year-over-year deficit. The shares earlier gapped to their lowest level since March, and is trading beneath every significant short- and long-term moving average.