Bearish flow noted in Ardelyx with 1,075 puts trading, or 1.0x expected. Most active are Jul-24 9 puts and 3/28 weekly 11 calls, with total volume in those strikes near 900 contracts. The Put/Call Ratio is 1.87, while ATM IV is up over 9 points on the day. Earnings are expected on May 1st.
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