Bearish flow noted in Horizon Pharma with 5,529 puts trading, or 1.4x expected. Most active are Jun-23 100 puts and Nov-23 115 calls, with total volume in those strikes near 5,500 contracts. The Put/Call Ratio is 15.02, while ATM IV is up over 1 point on the day. Earnings are expected on May 3rd.
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