AbbVie put volume heavy and directionally bearish

Bearish flow noted in AbbVie (ABBV) with 8,035 puts trading, or 3x expected. Most active are 4/4 weekly 207.5 puts and 3/28 weekly 212.5 calls, with total volume in those strikes near 3,900 contracts. The Put/Call Ratio is 2.83, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 25th.