Bearish flow noted in GSK Pharma with 4,338 puts trading, or 2.0x expected. Most active are Jul-24 40 puts and 6/28 weekly 39 puts, with total volume in those strikes near 3,500 contracts. The Put/Call Ratio is 5.25, while ATM IV is up over 3 points on the day. Earnings are expected on July 31st.
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