Bearish flow noted in GSK Pharma with 2,278 puts trading, or 2x expected. Most active are 8/2 weekly 38 puts and 7/12 weekly 33.5 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 2.54, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 31st.
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