 Welcome traders to another Ticknell earnings report previewing with me, Patrick Munney. For jumping into today's report, it's important that we adhere to the risk disclaimer the material provided is for information purposes only and should not be considered as investment advice. The views, information and opinions expressed by me are solely mine and are indicative or representative of those held by Ticknell UK or Ticknell Europe Limited. So jumping into today's report, we are going to look at Moderna, Moderna report before the New York Open this morning. We're looking for an earnings per share of $5.21 on revenue, 4.4 billion. I would say there is a whisper number on the street that the earnings per share could come in as low as $4.97. Investors will be watching Steve Moderna can maintain its strong financial performance when the company reports today. Journalists expect Moderna to report its fifth straight quarter positive earnings per share as revenue continues to expand but at a slow pace. Moderna's slower growth reflects in part the difficulty for smaller companies to post faster growth rates as if it mushrooms in size essentially. Moderna's vaccine started being marketed in the US as spikebacks following its full approval for use in individuals 80 years of age and older by the FDA in late January 2022. The vaccine, which is administered as two-dose series, has been available under the FDA's EUA designation since December 2020. Booster dose of the vaccine for individuals 80 years of age and older is available under an EUA in late March. The FDA approved a second booster dose of the vaccine for adults 50 years of age and older. Shares of Moderna have somewhat underperformed the market over the last year. The stock began the past year underperforming but then started to outperform around the beginning of June 2021. After rising sharply and reaching a peak in August, the stock drifted downwards and shared most of its gain. It began to outperform again starting around mid-January 2022. Moderna shares have provided a total return of actually negative 23.6% over the past year, well below the S&P's total return of negative 1.5%. So let's take a look at some of the statistical trading patterns around the Moderna release. Shares have moved higher in the immediate aftermath of earnings, 6 out of the last 12 reports on average the stock moved up 2.5% in the first day of trading after the company reported earnings. Based on the previous 12 earnings releases, Moderna is more likely to trade lower one day after earnings for an average of also 0.9%. Stock has moved higher one week after earnings, 9 out of 12 of the previous reports. On average the stock has moved up 2.9%. So let's see what the options market is telling us. Options traders are pricing an 11.3% move on earnings and the stock has averaged a 7.8% move in recent quarters. From a flow and sentiment perspective, notable buyer 1,654 contracts of the 160 cores, expiring Friday May 6. In general though, the options or the flow sentiment is bearish. The sentiment going into the company's release has 43% expecting earnings beat. Moderna shares have drifted down negative 6.2% post earnings announcement using the last 12 quarters of data. The average drift between the earnings announcement is 29.7%. The current drift represents a negative 0.1% standard deviation move. So with that in mind, let's take a look at what we could think about from a trading perspective. Look at the chart here. So what I'm looking for with Moderna, I still think we have to make another low to complete this initial sequence here. So any post earnings buoyancy into the 160 area, I'll be watching for bearish reversal patterns to engage on the short side, ultimately looking for a move down to test the $60 handle being the high volume load on the weekly price chart. For me at this stage, only a close above the 187 handle would suggest that we have completed the current route of the downside and look for a move then up to test resistance into the next high volume load up to 233 but like I said, the higher probability scenario at this stage is we're going to drift a bit lower. As always traders, plan the trade, trade the plan and most importantly, manage your risk. Until next time, thanks very much.