Natera options flow shows 12.6:1 put/call ratio near 52-week high

The options flow data for Natera Inc (NTRA) reveals a notable bearish sentiment despite the stock printing near its 52-week high of $415.75 as of September 25. The put/call ratio stands at a staggering 12.6:1, with 2,934 puts compared to just 233 calls. The three dominant strike prices – $400, $360, and $320 – account for 2,843 of the total 3,167 contracts, suggesting recent opening positions rather than closed or rolled positions.

This steep put/call ratio indicates that bears are significantly outnumbering bulls in their directional bets. While NTRA has experienced a substantial 6-month rise of 109% and a year-to-date increase of 152%, this does not deter a long-term holder from buying puts as portfolio insurance. The $400 put strike, with effectively zero open interest, is a fresh speculative wager that the stock may pull back below $400 within 56 days.

Given the stock's current price of $413.19, a move as small as 3.2% would make this in-the-money. The inversion in options flow compared to June, when bullish call activity dominated, suggests a shift in market sentiment. The true intent behind this flow remains ambiguous without more information, but it could represent hedging, cautious speculation, or a structured trade like a collar or spread.