Avantor put volume heavy and directionally bearish

Bearish flow noted in Avantor with 10,917 puts trading, or 2x expected. Most active are 7/26 weekly 22.5 puts and Aug-24 22.5 puts, with total volume in those strikes near 6,900 contracts. The Put/Call Ratio is 1.52, while ATM IV is up over 8 points on the day. Earnings are expected on July 26th.