Bearish flow noted in Novartis with 4,115 puts trading, or 16x expected. Most active are Jul-23 95 puts and Jul-23 97.5 puts, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 7.02, while ATM IV is up nearly 5 points on the day. Earnings are expected on July 18th.
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