Bearish flow noted in On Holding (ONON) AG with 8,892 puts trading, or 4x expected. Most active are 2/28 weekly 49 puts and 2/28 weekly 47.5 puts, with total volume in those strikes near 5,900 contracts. The Put/Call Ratio is 2.59, while ATM IV is up over 1 point on the day. Earnings are expected on March 4th.
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