Bearish flow noted in GSK Pharma with 4,006 puts trading, or 19x expected. Most active are 7/28 weekly 35.5 puts and 7/28 weekly 35 puts, with total volume in those strikes near 3,400 contracts. The Put/Call Ratio is 20.03, while ATM IV is up over 1 point on the day. Earnings are expected on July 26th.
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