Bearish flow noted in On Holding AG with 3,926 puts trading, or 1.2x expected. Most active are Oct-24 30 puts and Apr-24 30 calls, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 2.58, while ATM IV is up over 1 point on the day. Earnings are expected on May 14th.
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