GSK Pharma put volume heavy and directionally bearish

Bearish flow noted in GSK (GSK) Pharma with 4,314 puts trading, or 4x expected. Most active are Mar-25 38.5 puts and Apr-25 37 puts, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 2.03, while ATM IV is up nearly 6 points on the day. Earnings are expected on April 30th.