GSK Pharma put volume heavy and directionally bearish

Bearish flow noted in GSK (GSK) Pharma with 3,674 puts trading, or 5x expected. Most active are 10/25 weekly 38 puts and Nov-24 40 calls, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 2.70, while ATM IV is up nearly 2 points on the day. Earnings are expected on October 30th.