Moderna closed at $203.46, up 3.13%.
The options tape featured a standout $3.49 million out-of-the-money put sale, alongside a bullish call/put volume ratio of 1.40. Overall flow leaned constructive as elevated implied volatility attracted premium sellers, with institutional activity concentrated in downside protection rather than aggressive upside chasing.
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Options Indicators
Moderna’s implied volatility is 89.96%, and with an IV percentile of 81.67%, current option volatility sits in an elevated range, indicating that options are priced expensively relative to the stock’s recent history. The IV/HV ratio of 1.25 further suggests implied volatility is running above realized volatility, meaning the options market is embedding a meaningful premium for future uncertainty.
The Call/Put volume ratio is 1.40.
Large Trades
A put sale worth $3.49 million stood out as the key large trade, with 1,500 contracts sold on the November 20, 2026 $190.00 put. With the stock reference price at $203.46, this strike was out of the money at execution, making the trade a moderately bullish position. Selling this put typically expresses a view that MRNA will remain above $190.00 into expiration, while also indicating a willingness to accumulate shares at an effective lower entry level if assigned. Strategically, it reflects premium collection with a constructive bias rather than an outright aggressive upside chase.
Overall, the large-trade flow points to a clear bullish-to-constructive stance on MRNA. The only notable block in the data was an out-of-the-money put sale, which is generally consistent with confidence in downside support and a preference to monetize elevated option premium rather than positioning for a decline. In short, institutional-sized activity suggests traders are leaning positive on MRNA and do not appear to be pricing in a major bearish break below the $190.00 area.
Strategy Reference
For a lower assignment probability than the $190.00 strike, a seller could consider the $170.00 put or use a bull put spread such as selling the $190.00 put and buying the $170.00 put to cap margin requirements while still collecting elevated premium.