Bearish flow noted in On Holding AG with 8,201 puts trading, or 2x expected. Most active are 2/2 weekly 27.5 puts and 2/2 weekly 28 calls, with total volume in those strikes near 8,700 contracts. The Put/Call Ratio is 1.50, while ATM IV is up over 1 point on the day. Earnings are expected on March 19th.
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