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OIB Trade Alert: NVAX

Novavax (NVAX) ran up last month as the Food and Drug Administration authorized the use of its COVID-19 vaccine for use in adults in the United States. It has since pulled back, including a sharp sell-off this week after the company cut its full-year revenue forecast on lower-than-expected demand for its COVID-19 vaccine.

But the stock appears to have stabilized, and I want to capitalize on elevated volatility levels with a short-term trade. This is a speculative stock prone to big swings, so we are selling a silly put with a strike price that is 17% out of the money.

Current Stock Price: $42.15

Action: Sell to open the NVAX Aug Monthly (8/19) 35 Put

Current Option Price: $0.45-$0.48

Recommended Limit: Set your initial limit order at $0.47. You can go as low as $0.35, but please don’t start there and always use limit orders.

Expiration: After the close on Friday, Aug. 19

Potential Rate of Return: 1.3% in nine days, or 54% annualized, if this option expires worthless

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