Moderna closed at $182.11, down 0.25%.
Options activity in Moderna revealed a standout $9.18 million bullish position, with institutional flow concentrated in a long-dated, in-the-money call purchase. The trade dominates a session in which total call activity outpaced puts, reflecting a constructive view. With elevated implied volatility and a call/put volume ratio of 1.46, the positioning points to conviction that Moderna can sustain an upward trajectory through 2026.
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Options Indicators
Moderna’s implied volatility is 84.40%, and with an IV percentile of 72.11%, current volatility sits in an elevated range, indicating that options are priced expensively relative to their own recent history. The IV/HV ratio of 1.08 also suggests implied volatility is running slightly above realized volatility, meaning the options market is embedding somewhat richer forward-looking movement expectations than what the stock has recently delivered.
The Call/Put volume ratio is 1.46.
Large Trades
A call purchase worth $9.18 million stood out as the key large trade, with buyers taking 2,000 contracts of the November 20, 2026 $160.00 call. With MRNA referenced at $182.11, this call was already in the money at execution, which makes the trade more delta-sensitive and more immediately responsive to upside in the stock. The positioning is clearly bullish: the buyer is paying substantial premium for leveraged upside exposure over a long-dated horizon, suggesting confidence that MRNA can sustain or extend gains well beyond the current share price.
Overall, the large-trade flow points to a clear bullish bias in MRNA. The activity was concentrated in a sizable in-the-money long call purchase rather than in premium-selling or hedging structures, indicating that the trader was seeking directional upside participation rather than income generation or protection. That profile typically reflects constructive sentiment and a willingness to commit meaningful capital to a higher-conviction upside view.
Strategy Reference
Given the elevated IV percentile, premium sellers could consider the November 20, 2026 $250.00 call for a low assignment probability, while a bull call spread using the $160.00/$200.00 strikes offers a defined-risk alternative for those preferring not to post substantial margin.
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