Novavax put volume heavy and directionally bearish

Bearish flow noted in Novavax with 2,130 puts trading, or 4x expected. Most active are Jul-26 8 puts and 7/31 weekly 8 puts, with total volume in those strikes near 1,500 contracts. The Put/Call Ratio is 2.14, while ATM IV is up nearly 3 points on the day. Earnings are expected on August 5th.